Aramco, Saudi's state-owned oil company, pledged to supply a record 12.3 million barrels a day from next month, more than 25 percent higher than last month’s production.
Saudi Arabia, on Tuesday, officially made public its plans to unilaterally increase oil output next month, as its state-owned company pledged to supply a record 12.3 million barrels a day, more than 25 percent higher than last month’s production.
The news organisation reports that the supply hike puts Aramco above its maximum sustainable capacity, indicating that the kingdom is even tapping its strategic inventories to dump as much crude on the market as quickly as possible. Saudi Arabia’s decision to flood the market with as many barrels came after Moscow rejected Organisation of Petroleum Exporting Countries resolve to cut crude oil production by a combined volume of about 1.5 million barrels per day, to stop further reduction in international oil prices.
Faced with the reality of what is on ground, President Muhammadu Buhari, on Monday, set up a committee to assess the impact of the coronavirus epidemic on Nigeria’s 2020 budget and the economy in general.
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