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2020-03-10 13:30:00

SAUDI ARABIA'S OIL PRODUCTION GROWTH

SAUDI ARABIA'S OIL PRODUCTION GROWTH

MEOG - Saudi Arabia will increase its oil output next month to more than 10 million barrels per day, following talks between OPEC and its allies which failed to come to an agreement.

KSA has cut its oil prices drastically, more than it has in 20 years, with discounts to buyers in Europe, the Far East, and the US meant to draw more refiners to Saudi crude rather than other crude oil suppliers.

Bloomberg reported that Saudi Arabia has privately said it could raise production to 12 million barrels per day, citing anonymous sources.

This comes as demand is slashed due to the ongoing coronavirus outbreak.

 

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Earlier:

SAUDI ARABIA'S OIL PRODUCTION GROWTH
2020, March, 9, 14:55:00
SAUDI'S OIL PRICES DOWN
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 PRODUCTION GROWTH
2020, March, 4, 09:10:00
SAUDI ARABIA'S ECONOMY UP
Saudi Arabia's oil sector declined by 3.6 percent in 2019 dragging overall GDP growth to 0.3 percent
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Tags: SAUDI, ARABIA, OIL, PRODUCTION