On Tuesday, Saudi Arabia ratcheted up its oil war with Russia, announcing it would raise its crude supply to a record high in April. Yahoo Finance reported, “Amin Nasser, CEO of Saudi Aramco said the oil giant would increase supply to 12.3 million barrels per day (bpd) in April for customers inside the kingdom and abroad. That’s 300,000 bpd above its maximum production capacity, indicating Aramco may also free up crude from storage.” The two countries had initiated a price war because of weak demand triggered by the impact of the coronavirus.
The 12.3 million bpd figure is a huge jump from previous months, in which the Saudis have pumped roughly 9.7 million bpd.
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