Oil falls after Saudi Aramco asked to raise output capacity
LONDON - Oil prices fell on Wednesday, giving up earlier gains, pressured by Saudi Arabia’s plans to boost oil production capacity for the first time in more than a decade and weakened demand due to the spread of the coronavirus.
With the collapse of coordinated output cuts by Saudi Arabia, Russia and others, the Saudi energy ministry has directed producer Saudi Aramco to raise its output capacity to 13 million from 12 million barrels per day . “Any reduction in spending and drilling will take time to show up in actual production figures and is unlikely to mitigate the bearish impact of a massive Saudi output increase, in case the latter does happen,” said oil broker PVM’s Tamas Varga.
“Coronavirus is still spreading globally and no doubt the virus’ spread in major economies like the United States will continue to hurt oil demand,” said Victor Shum, vice president of Energy Consulting at IHS Markit.
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