money and business
Aramco CEO Amin Al-Nasser said today that the Saudi company will withdraw 300 thousand barrels per day from oil stocks to reach a record level of supplies in next April.
Al-Nasser confirmed that Aramco will produce oil with maximum production capacity, stressing that there is no need for additional capital to continue producing 12 million barrels per day.
Aramco CEO indicated that the company can continue in the context of very low oil prices and long-term, according to Reuters.
In oil markets, black gold prices tumbled, and Brent crude, by 12:43 GMT, fell 10.84% to $ 30.18 a barrel, while US crude fell 8.26% to $ 29.11 a barrel.
Riyadh and Moscow earlier failed to reach an agreement to keep production cuts after March 2020, as Russia rejected a proposal to cut an additional 1.5 million barrels per day until the end of 2020, while Riyadh refused to extend the current agreement with the current conditions.
Subsequently, there were reports of the kingdom’s intention to increase its oil production and to provide substantial price discounts to buyers in Asia and Europe.