This came according to what the official Saudi news agency quoted by Al-Nasser as saying: “The company received guidance from the Ministry of Energy to work to raise the level of maximum sustainable production capacity (MSC) from 12 to 13 million barrels per day, and the company is working with all its capabilities to quickly implement this directive. “.
It is noteworthy that this announcement would again affect international oil prices, as a new episode in a price war in the oil markets after the collapse of the alliance between OPEC, led by Saudi Arabia and Russia.
Saudi Arabia and Russia had met to form a so-called OPEC + alliance in 2016 after oil prices fell to $ 30 a barrel. Since then, the two main sources have organized supply cuts of 2.1 million barrels per day. The Kingdom of Saudi Arabia wanted to increase this number to 3.6 million barrels until 2020, but Russian President Vladimir Putin, who was concerned about the concession of many to American oil producers, refused to approve the plan, prompting Russian Energy Minister Alexander Novak on Friday, To say that countries can produce as they like starting April 1.
During the weekend, the Kingdom of Saudi Arabia decided to increase its market share by reducing the prices paid by its preferred customers, ranging from 4 dollars to 7 dollars per barrel.