Crude-oil prices climb 7.5% even as Saudi Aramco vows to hike output
Energy titan Saudi Aramco said Tuesday it will boost its supply of crude oil CL.1, +8.83% BRN00, +8.14% to 12.3 million barrels per day in April, flooding markets as it escalates a price war with Russia.
The world’s biggest crude exporter has been pumping some 9.8 million bpd which means it will be adding at least 2.5 million bpd from April. Saudi Arabia says it has an output capacity of 12 million bpd but it is not known for how long it can sustain such levels.
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.
Oil stocks tumble across the board amid Saudi/Russia price war, energy ETF down 16%Shares of oil companies tumbled in premarket trade Monday, as crude prices fell 20% amid a price war between Russia and Saudi Arabia. The Energy Select SPDR...
Read more »
Saudi-Russian price war sends oil and stockmarkets crashingSaudi Arabia is offering customers discounts—the biggest being $8 a barrel to countries in north-west Europe—to win market share and strain rival oil producers
Read more »
Oil prices plunge, hit by erupting Saudi-Russia oil price warOil prices plummet after Saudi Arabia slashes its official selling prices and sets plans for a dramatic increase in crude production next month. More here:
Read more »
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 »