Breaking News! Saudi Escalates Oil-Price War by Increasing Production to Max Capacity

Saudi Arabia announced to heighten its oil production to 12.3 million barrels per day (bpd) in April, which fuels the oil price war between Saudi Arabia, the USA and Russia even worse.

The new announcement indicated that Saudi Arabia aimed to pour as much crude as soon as possible onto the market.

According to the research from “Kaohoon Online”, Saudi Arabia currently produces 9.7 million bpd of oil, which earlier reported that the country will increase its production to 10 million bpd from its total capacity of 12.5 million bpd. Thus, the increase to near-maximum capacity could cause an oversupply in the market. 

Yesterday, analysts suspected that the action made by Riyadh could possibly aim to steal market share from the U.S. and Russia by increasing production and dumping the price.