Saudi Arabia, the world's top oil exporter, plans to raise its crude oil pr...
DUBAI - Saudi Arabia, the world’s top oil exporter, plans to raise its crude oil production significantly above 10 million barrels per day in April, after the collapse of OPEC’s supply cut agreement with Russia, two sources told Reuters on Sunday.
The collapse of talks to extend the deal on Friday sent oil prices plunging on speculation Saudi Arabia is scrapping a strategy of supporting prices in favour of a grab for market share, reminiscent of a drive in 2014 that caused crude prices to slump around two thirds in value. [O/R] Aramco should maximise its output and sell more crude to protect its market share, the sources said, speaking on condition of anonymity due to the sensitivity of the matter.
OPEC+ has been effectively cutting production by 2.1 million bpd, as Saudi Arabia has been reducing its own output by more than agreed.“The kingdom is not at war with anyone, but it is pursuing its own interest. Once the deal expires, everyone will raise production,” said the second source.
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