Saudi to grow production, slashes its crude prices

This comes as demand has been slashed due to the coronavirus outbreak

OPEC, Prince Abdulaziz, Barkindo, Alexander novak

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.

Webinar - Register to attend: Oil & gas at a digital tipping point

In partnership with leading global engineering company ABB. The webinar is free but can only be accessed by registering below in advance.

Newsletter

Most Popular

Digital Edition

Oil & Gas Middle East - July/August 2020

Subscribe Now