Saudi Takes Price War Up a Notch, Targeting to Pump Oil Output to 13 Million!
Taking Oil-Price War Up a Notch! Saudi Aims to Pump Oil Output to 13 Million, Plunging Oil Prices by 1%!
The Energy Minister of Saudi Arabia has directed Saudi Aramco, state-owned oil producer, to raise its production to 13 million barrels per day (bpd) from the current target at 12.3 million bpd, CEO Amin Nasser said in a statement on Wednesday.
“The company is exerting its maximum efforts to implement this directive as soon as possible,” said Nasser.
Yesterday, after Saudi announced that the country will pump 12.3 million bpd of oil, Russia retaliated by saying it would increase the output by up to 300,000 bpd while being able to push its capacity as much as 500,000 bpd.
WTI plunged $0.33 or 0.96% to $34.03/bbl, while Brent dipped $0.26 or 0.70% to $36.96/bbl.