Tuesday 10 March 2020 06:00 PM
The Saudi Stock Exchange website “Tadawul” stated that “Saudi Aramco will provide its customers with 12.3 million barrels per day in the month of April”, an increase of 300 thousand barrels per day over the maximum capacity of 12 million barrels per day.
Aramco said, “It has been agreed with its customers to provide them with these quantities from the beginning of April. The company expects a positive financial impact in the long term.”
The increase in crude supplies from Riyadh comes after the collapse of talks between OPEC and other producers led by Russia, the group known as OPEC, which sought to extend joint efforts to reduce supplies after the end of March.
Moscow has refused to support further production cuts to bolster prices hit by the outbreak of the Coruna virus. OPEC responded by removing all restrictions on the production of its member states.
Source: Sahwa Net