Saudi Arabia unveiled plans Wednesday to dramatically ramp up oil production, raising the stakes of an all-out price war with Russia.
'Painful … but temporary'
Markets had been hoping for an agreement between Saudi Arabia and Russia, as well as other OPEC and non-OPEC producers, in order to curb oil output and prop up prices; their failure to agree led oil prices to crash on Monday." situation in energy markets, with U.S. shale expected to take the brunt of the pain.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What's behind Russia-Saudi Arabia oil price war that's sent markets plunging?“The main reason why coronavirus is a threat to oil prices is that China is the main new consumer of oil in the world,” economist Cailin Birch said.
Read more »
Saudi Arabia to Boost Oil Output Further as Price War With Russia IntensifiesSaudi Arabia and Russia ratcheted up an escalating oil-market war, with Riyadh raising output and Moscow saying it was ready to pump more crude, too.
Read more »
Saudi Arabia, Russia oil dispute is about the 'restructuring of supply,' says a strategistThe oil price rout this week may be a chance for the industry to restructure and could ultimately be a positive for the market, a strategist said on Wednesday.
Read more »
Saudi Arabia, Russia raise stakes in oil production standoffSaudi Arabia will raise its crude supply to a record high in April, as it ratcheted up a standoff with Moscow over market share and appeared to reject Russian overtures for new talks
Read more »
Citing past success, Mexico seeks to mediate Russia, Saudi Arabia oil rowMexico and other nations are seeking to mediate between Russia and Saudi Arabia ...
Read more »