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Energy giant Saudi Aramco said on Wednesday that it plans to increase its crude production capacity by 1 million barrels per day to 13 million barrels
per day as the price war with Russia intensifies.
"Saudi Aramco announced that it has received a request from the Department of Energy to increase its maximum sustainable capacity from 12 million b/d to 13 million b/d
," the company said in a statement to the Saudi Stock Exchange.
”
The decision comes a day
after Saudi Arabia, the world's largest exporter, decided to increase output by at least 2.
5 million bpd from April, reaching a record 12.
3 million bpd from April.
The Saudi move follows the breakdown of negotiations on an oil production cut agreement between the Organization of the Petroleum Exporting Countries and non-OPEC producers
, including Russia.
Saudi Arabia's proposed deal calls for a further 1.
5 million b/d production cuts to counter the impact
of lower crude demand.
However, Russia rejected the plan, leading to the breakdown of negotiations
.
Typically, increasing production capacity takes a long time and requires billions of dollars in investment
.
A few years ago, after facing fierce competition from North American shale oil and other sources that led to a drop in demand for OPEC oil, the kingdom shelved plans to increase its crude production capacity to
more than 12 million barrels.
Russia said on Tuesday it was willing to resume cooperation with OPEC, despite announcements by Saudi Arabia, its main oil producer, that it would inject new supplies into the market, intensifying its price war
with Moscow.
Energy giant Saudi Aramco said on Wednesday that it plans to increase its crude production capacity by 1 million barrels per day to 13 million barrels
per day as the price war with Russia intensifies.
"Saudi Aramco announced that it has received a request from the Department of Energy to increase its maximum sustainable capacity from 12 million b/d to 13 million b/d
," the company said in a statement to the Saudi Stock Exchange.
”
The decision comes a day
after Saudi Arabia, the world's largest exporter, decided to increase output by at least 2.
5 million bpd from April, reaching a record 12.
3 million bpd from April.
The Saudi move follows the breakdown of negotiations on an oil production cut agreement between the Organization of the Petroleum Exporting Countries and non-OPEC producers
, including Russia.
Saudi Arabia's proposed deal calls for a further 1.
5 million b/d production cuts to counter the impact
of lower crude demand.
However, Russia rejected the plan, leading to the breakdown of negotiations
.
Typically, increasing production capacity takes a long time and requires billions of dollars in investment
.
A few years ago, after facing fierce competition from North American shale oil and other sources that led to a drop in demand for OPEC oil, the kingdom shelved plans to increase its crude production capacity to
more than 12 million barrels.
Russia said on Tuesday it was willing to resume cooperation with OPEC, despite announcements by Saudi Arabia, its main oil producer, that it would inject new supplies into the market, intensifying its price war
with Moscow.
