Saudi Aramco said it had received directions to boost output to 13 million barrels a day.
Photo: maxim shemetov/ReutersDUBAI—Saudi Arabia fired another salvo in its oil-market war with Russia on Wednesday, unveiling plans to boost its oil-production capacity to a record 13 million barrels a day.
The capacity increase comes after the kingdom instigated a price war with Russia by signaling its intentions to boost production and slash prices.
Russia responded to that pledge Tuesday, saying it would pump to the tilt.
The acrimony between two of the world’s top oil producers follows a meeting Vienna last week in which Russia rejected a Saudi-backed plan to cut crude output in response to dwindling demand in China.
State oil giant Saudi Aramco said Wednesday it had received a directive from the kingdom’s energy ministry to raise its output capacity to 13 million barrels a day, from 12 million barrels a day. Aramco didn’t say when the capacity increase would take place.
On Wednesday, the Brent oil price was down 1.4% to $36.37 a barrel while the West Texas Intermediate was also down 1.7% to $33.8 a barrel. Aramco’s share price was down 0.32% to 31.4% on Wednesday and has fallen 4.8% since last Thursday afternoon when it became clear Saudi attempts to convince Russia to agree to proposed cuts wouldn’t work.
Aramco had already said Tuesday it would raise its crude supply to 12.3 million barrels a day in starting April 1, only days after it cut most of its official selling prices and pledge to boost output triggering Monday’s oil-price crash when crude lost a fifth of its value.
Experts have previously questioned how much production the kingdom could sustain after the country’s largest oil-processing facility and an oil field was attacked by drones and missiles in September.
Write to Benoit Faucon at benoit.faucon@wsj.com and Summer Said at summer.said@wsj.com
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2020-03-11 09:08:43Z
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