Shock and awe’ at surge in Kingdom’s oil output Saudi Aramco boosts supply to record levels
- Date: 11-Mar-2020
- Source: Arab News
- Sector:Oil & Gas
- Country:Saudi Arabia
Shock and awe’ at surge in Kingdom’s oil output Saudi Aramco boosts supply to record levels
Saudi Aramco boosts supply to record levels. DUBAI: Saudi Arabia is to boost its oil output to record levels in a move that prompted "shock and awe" in global energy markets on Tuesday.. Russia will also raise output to unprecedented levels, with an increase of up to 500,000 barrels a day bringing total production to 11.8 million barrels.. Kremlin spokesman Dmitry Peskov did not rule out a compromise on output levels, although he admitted volatility in global energy markets could continue "for some time.". Aramco to increase crude oil supply to 13 million barrels per day /node/1639981/business-economy. The news comes after a statement on Tuesday that said Aramco would increase its crude oil supply to 12.3 million bpd in April - an increase of approximately 2.5 million bpd on the previous month.. The announcement - coming in the middle of unprecedented volatility in global energy markets - was preceded by a brief suspension of its shares on the Tadawul (the Saudi stock exchange), at its own request, as is required when a listed company is about to announce a "material event.". The increase in crude production to record levels is in a bid to win market share in the