Saudi Aramco announces that it will provide its customers with 12.3 million barrels per day (MMBD) of crude oil in April

Saudi Arabia has said it could raise production to 12 million barrels per day,

On Monday, Aramco shares opened trading at Riyals 27 ($7.19) before rising modestly to close at Riyals 28.35. That is 11.4% below its IPO price, prompting the company's valuation to slide to about $1.5 trillion from $1.7 trillion in December, in the wake of Friday's failure by OPEC and Russia to reach a deal on oil production cuts.

A Saudi industry source said the world's biggest oil exporter is merely responding to Novak's comments that as of April 1, countries are no longer bound by their quotas. The current OPEC+ agreement to cut 1.7 million b/d winds up at the end of March.

Saudi Arabia's oil sector declined by 3.6 percent in 2019 dragging overall GDP growth to 0.3 percent

Despite heavy lobbying by Saudi Arabia, the 23-country coalition of OPEC and non-OPEC producers has yet to agree on any plans to rein in crude oil production further.

The global impact of coronavirus will only be “short term”, according to the CEO of Saudi Aramco.

Jafurah could generate $8.6 billion a year in income and contribute $20 billion a year to the Saudi Arabia's GDP.

“GDP growth in Saudi Arabia is projected to see an upturn in 2020,” said Kholifey. “Monetary, fiscal and structural policies in my country are all geared towards an expansion of the private non-oil sector GDP over the medium term,” he said.

Russia’s RDIF sovereign wealth fund said on Wednesday that Russian and Saudi companies have held discussions on possible joint projects as well as potential investment worth more than $10 billion.