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FinancialNews
11-03-20
Saudi Oil Company to increase its oil output by 300,000 barrels per day starting April 1
(MENAFN) Starting from April 1st, Saudi oil company Saudi Aramco will raise its oil output by 300,000 barrels for each day, to 12.3 million barrels for each day, as the company said.
As said in a report by Saudi Aramco, the choice to the Saudi stock exchange estimates that this will have a positive, long-term effect.
On Tuesday, oil prices increased after the largest loss recorded in one day in almost 30 years on Monday; prices had decreased because of the Saudi decision to raise oil production after the fall of a pact among members of the Organization of Petroleum Exporting Countries (OPEC) alliance with Russia to cut productions.
Gulf markets have also rebounded on Tuesday after a high volatility on Sunday and Monday. KSA's Tadawul grew about 7.1 percent to destroy most of the losses from Monday and Saudi Aramco increased about 10 percent.
MENAFN1103202000450000ID1099832256
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