Saudi Arabia steps up oil price war with big production increase.
Answer All QuestionsSaudi Arabia steps up oil price war with big production increaseSaudi Arabia has intensified the oil price war by ordering its state-owned producer, Saudi Aramco, to raise the maximum production rate to record highs of 13m barrels a day.The world’s most profitable company told the Saudi stock exchange on Wednesday that it would increase how much oil it can comfortably pump per day by 1m barrels to its highest rate ever.The state order to raise Aramco’s “maximum sustainable capacity” comes after the kingdom launched a price war on rival petro-nations by vowing to raise its production by a quarter from last month despite an oil demand slowdown because of the coronavirus outbreak.The Saudi government plans to raise its national oil production to an average of 12.3m barrels a day from next month, up sharply from less than 10m barrels in recent months, in an attempt to corner the global market.
