Saudi Arabia will boost oil supplies to a record level next month in a sharp escalation of its price war after the collapse of an Opec production deal with Russia that had stabilised the market.
The kingdom aims to supply 12.3m barrels a day of crude, which is 2.5m b/d more than it was producing and greater than its maximum sustained output capacity. That suggests Saudi Arabia will take barrels from storage to flood the market as it takes on rivals in a fight for market share.
Olivier Jakob at Petromatrix said Riyadh was pursuing a “shock and awe” strategy to demonstrate it had the capability to raise supply faster than any other producer, swamping markets with oil for which there is only limited demand.
> Read the full article on the Financial Times website
By Anjli Raval and David Sheppard
Source: Financial Times
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