The oil war continued .. “Aramco” towards raising the level of production to 13 million barrels per day


Saudi Aramco announced today that it has received a directive from the Saudi Ministry of Energy to raise the level of maximum sustainable production capacity to 13 million barrels per day from 12 million barrels per day.

The following is a graph showing the trend of Saudi oil production in about 25 years:

Yesterday, oil prices jumped on Tuesday by about 10%, one day after the biggest drop in nearly thirty years, at a time when Russia hinted at the possibility of resuming negotiations with Saudi Arabia on production cuts.

This development came after the collapse of a three-year agreement between Saudi Arabia and Russia and other major oil producers to reduce supplies, which sparked a price war to increase market share.
Russia has refused to agree to a proposal of OPEC ministers led by Saudi Arabia to reduce production by an average of 1.5 million barrels per day, at a time when Russian oil companies fear losing a market share and competition from shale oil produced by the United States.

Russia today – Arabic – the island


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