Saudi Aramco to boost oil output for first time in a decade

Saudi Aramco to boost oil output for first time in a decade

Saudi Aramco to boost oil output for first time in a decade

 

Saudi Arabia’s energy minister has instructed Saudi Aramco to increase oil production by 1 million barrels/day to 13 million barrels/day, its maximum capacity, as soon as possible, the company announced in a statement to Saudi stock exchange, Tadawul.

 

The company did not mention a definite timeframe for this process as it might take years and billions of dollars to reach the full capacity. This will mark the first increase in Saudi Aramco’s crude output in at least a decade, meanwhile.

 

The decision was seen as an agressive response from Saudi Arabia to Russia’s refusal to participate in OPEC’s production cut deal.

 

The news sparked fears of oil oversupply across global energy markets and put an immediate downward pressure on prices. Both WTI and Brent crude oil are currently trading 2% below their previous settlements, erasing some of its Tuesday gains.

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