Saudi Arabia plans to supply a record .3M barrels of oil per day next month, up 25% from the previous month, as it ratchets up its oil price war with Russia.
The production boost pushes Saudi Aramco’s ( ARMCO ) supply over its maximum sustainable capacity, indicating that it’s tapping the kingdom’s strategic inventories to bring as much crude as quickly as it can onto the market.
In February, Saudi Arabia produced ~ 9.7M barrels per day.
On Monday, benchmark oil prices dropped more than 75 %, the largest since the Gulf War.
Brent crude was trading up 4% at $ .) per barrel at 9: AM London time.
In response to the Saudi production ramp-up, Russia’s energy minister said Russia has the ability to increase production by 500, 10 barrels per day, which could put the country production at a record .8M barrels per day.
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