Aramco said it would boost its output after oil producers failed to reach a deal on production cuts AFP/Fayez NureldineRIYADH: Saudi 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.
"The kingdom plans to raise its petroleum exports by 600,000 bpd from May, so total exports will increase to 10.6 million bpd," said an official at the energy ministry, cited by the state-run Saudi Press Agency. OPEC+ failed to reach an agreement on further production cuts to shore up sagging prices as the coronavirus hit the global economy hard.
Despite the oil crash piling pressure on the Saudi economy, analysts say its latest moves are part of a deliberate long-term strategy to capture greater market share by decimating its high-cost rivals including US shale producers. The price of oil struck its lowest levels in more than 17 years on Monday, with Brent North Sea crude tumbling to US$22.58 per barrel at one point.
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