Saudi Arabia implements its pledge to increase its oil exports

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Bloomberg: Saudi Arabia is implementing its pledge to increase its oil exports, today, Tuesday 31 March 2020 11:05 pm

10:43 PM Tuesday, March 31, 2020

Washington – (dpa)

Saudi Arabia has implemented its pledge to increase its oil exports during next April, as it has already launched the first wave of additional Saudi crude oil to Europe and the United States, which indicates that the price war sparked by Riyadh and Moscow is still ongoing.

Bloomberg News reported that the Kingdom already loaded several giant oil tankers that it had rented earlier this month to increase its ability to export more quantities of crude. The Kingdom also took advantage of the past few weeks to transport large quantities of crude to be stored in warehouses in Egypt to be ready for pumping to European markets.

These moves indicate that Riyadh has already increased its oil production to 12.3 million barrels per day during the next month, compared to 9.7 million barrels per day during last February.

Saudi Arabia had earlier this month lowered the official prices for crude oil exports, with its intention to increase its production to the maximum of its production capacity, in the wake of Russia’s rejection of the Saudi plan to reduce oil production in order to boost prices, during the meetings of the member states in the ” OPEC Plus “early this month.

The dispute between Saudi Arabia and Russia and the announcement by the two countries to increase their production led to a sharp decline in oil prices in global markets, as it reached its lowest level in nearly 17 years.

This comes at a time when the administration of US President Donald Trump is pressuring both Saudi Arabia and Russia to end their ongoing war in order to restore stability to the global oil market.

In a sign that Saudi Arabia is pumping the largest possible amount of oil to the markets, its exports increased from about 7 million barrels per day during the first three weeks of March this year to about 9 million barrels per day during the fourth week of the month.

The Russian government confirmed today, Tuesday, that there is a Russian-American consensus that the current oil prices are not in the interest of the two countries.

The Russian news agency “TAS” quoted Presidential Spokesman Dmitry Peskov as saying, on the details of a telephone conversation that took place yesterday between Russian President Vladimir Putin and the American Donald Trump: “Russia and the United States agree that the current price situation in the oil market is not in the interest of both countries.”

Peskov declined to comment on whether consultations on the situation in the oil market could be held between Russia, the United States and Saudi Arabia.

“There is no comment,” he said in response to a question.

He said that it was agreed between the two presidents to start consultations between the energy ministers of the two countries on the situation in the oil market, but he did not clarify whether a date had been set for the start of these consultations.

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