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FinancialNews
18-03-20
Saudi Arabia to further increase oil production in next two months
(MENAFN) According to spokesperson for Saudi Arabia's Ministry of Energy, KSA plans to grow oil production in the two coming months, making a rise of over 10 million barrels per day as Saudi Arabia explores a new field.
As said by the spokesperson, "Saudi Arabia will utilize the gas produced from the Fadhili gas plant to compensate for around 250,000 barrels a day of domestic oil consumption, which will enable the Kingdom to increase its crude exports during the coming few months to exceed 10 million barrels a day".
The improve in exports follows increasing tensions in oil markets after a collapse in talks among the Organization of Petroleum Exporting Countries (OPEC) and Russia on March 6 to secure a further oil output reduction.
Futures of Brent and WTI crude have fallen to less than USD30 for each barrel, as fears of a looming price war among producers became a fact.
MENAFN1803202000450000ID1099874191
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