Monday, March 30, 2020

Saudi to raise oil exports to record levels as price war rages

Saudi to raise oil exports to record levels as price war ragesSaudi Arabia said on Monday it will raise its oil exports to a record 10.6 million barrels per day starting from May despite a global supply glut, escalating a price war with Russia. Oil prices are languishing at 17-year lows as the coronavirus pandemic threatens a painful global recession that could further sap demand. Saudi Arabia, the world's top oil exporter which already announced a sharp production increase for April, said it would add additional supplies to the global market, deepening a glut.




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