On Tuesday, Saudi Arabia announced that they would increase oil supplies to a record high, a direct blow to the Kremlin’s suggestion for new talks. The CEO of Saudi Aramco announced that supply would increase to 12.3 million barrels per day in April. OPEC had previously been cutting production by 2.1 million bpd, until the breakdown in talks in Vienna last week. Russia rejected OPEC’s call for deeper cuts due to the coronavirus which led to the global price of crude plummeting Monday morning.
- Aramco to Increase Oil Production in April to 12.3 Million Barrel Per Day