Saudi Arabia plans to unilaterally increase oil output next month, a move that could further reduce prices, reliable sources told Bloomberg;
Saudi Arabia plans to unilaterally increase oil output next month, a move that could further reduce prices, reliable sources told Bloomberg. Such a move could make matters worse for oil-dependent countries like Nigeria.reduced Friday after oil producers failed to agree on oil cuts at an oil producers meeting.
Responding aggressively to the collapse of its OPEC+ alliance, Saudi Arabia plans to increase oil output next month, going well above 10 million barrels a day. According to the report, Saudi Arabia, the world’s largest oil exporter, has privately told some market participants it could raise production much higher if needed, even going to a record of 12 million barrels a day.
With oil demand being overwhelmed by the coronavirus outbreak, if Saudi pumps more oil as it planned by April, oil prices will fall further, a move that could further affect Africa’s largest economy.
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