Energy giant Saudi Aramco said Wednesday it plans to raise its crude production capacity by one million barrels per day to 13 million bpd as a price war with Russia intensifies.
The decision came a day after Saudi Arabia, the world’s top exporter, decided to hike production by at least 2.5 million bpd to a record 12.3 million from April, and prompted sharp new falls in world prices.
Boosting production capacity normally takes a long time and requires billions of dollars of investment. The deal proposed by Saudi Arabia called for additional output cuts of 1.5 million bpd to cope with the severe economic impact of the coronavirus which has sharply reduced world demand for crude.– World prices resume slide –
Crude markets have been in turmoil since the start of the week after Riyadh slashed prices in a row with Moscow over output cuts, leading to the biggest one-day drop for almost 30 years.
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