DUBAI/MOSCOW (Reuters) – Saudi Arabia stated on Tuesday it would increase its petroleum supply to a record high, raising the stakes in its price war with Russia and effectively rejecting Moscow’s overtures for new talks.
FILE IMAGE: Saudi Aramco logo is envisioned at the oil center in Khurais, Saudi Arabia October 12,2019 REUTERS/Maxim Shemetov
The clash of the 2 oil titans triggered a 25?pression in oil rates on Monday, setting off panic offering and heavy losses on Wall Street’s primary stock indexes, already hit severely by the coronavirus outbreak.
On Tuesday, Amin Nasser, president of Saudi Aramco2222 SE stated the oil giant would increase supply to 12.3 million barrels per day (bpd) in April for customers inside the kingdom and abroad.
That’s 300,000 bpd above its maximum production capacity, showing Aramco might also free up crude from storage.
Saudi Arabia has also agreed with Kuwait to resume output from jointly operated oilfields in the so-called Neutral Zone, production which is not accounted for under Aramco’s out