Saudi Aramco will boost its oil production capacity to 13 million barrels a day from 12 million, the company said in a statement Wednesday.
The state producer will make the increase after being directed to do so by the country’s energy ministry, it said.
It’s the latest manoeuvre in what’s set to be a long and bitter price war between Russia and Saudi Arabia.
On Monday benchmark oil prices fell more than 20%, the largest one-day drop since the Gulf War in 1991, creating mayhem in global equity and bond markets.
Saudi Arabia escalated its oil price war with Russia on Tuesday, with its state-owned company pledging to supply a record 12.3 million barrels a day next month, a massive production hike to flood the market.
It now looks to to be ready to escalate tensions with Russia even further with a higher output.
More to follow…