Saudi Arabia announces increasing oil production capacity after several years

Saudi Arabia announces increasing oil production capacity after several years

Saudi Arabia says it plans to increase oil production for the first time in more than a decade.

The statement comes a day after Saudi officials announced that its oil supply had increased record.

The Coronavirus, which has spread to more than 100 countries around the world, has also adversely affected the oil industry and global crude oil prices have dropped several times in the battle for market share.

According to a foreign news agency 'Reuters', CEO Amin Nasir said in a statement that "Saudi Arabia's Ministry of Energy increased its daily production of oil-producing Saudi company Aramco from one million 20 million barrels to 30 million barrels. Have been instructed to do. '

"The company is doing its best to implement this directive as soon as possible," he said.

No timeframe has been given to implement the project, which will require billions of dollars of investment to increase oil production capacity.

Saudi Arabia has said yesterday that it will take its oil supply to record levels in April, following tensions over Russia's oil issue.

Riyadh rejected Moscow's proposal for new talks to increase oil production and its prices.

Brent crude oil fell 1.2 percent on Wednesday to $ 36.77 a barrel.

Saudi Arabia's announcement of boosting Saudi Arabia's output after the oil-export agreement between Russia and the Organization of the Exporting Countries last week will be seen as a step towards boosting the oil price war from Moscow. ۔

Saudi Aramco says it will increase its crude production capacity to 3 million barrels a day in April, to 23 million barrels a day.

Crude oil prices were down 25% on Monday amid a dispute between Saudi Arabia and Russia, two major oil-producing countries, following a panic on Wall Street and other stock markets that had already seen the Coronavirus Have been badly affected by the outbreak

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Saudi arabia Oil prices

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