Saudi Arabia will raise its crude supply to a record high in April, as it ratcheted up a standoff with Moscow over market share and appeared to reject Russian overtures for new talks
DUBAI/MOSCOW - Saudi Arabia said on Tuesday it would boost its oil supplies to a record high in April, raising the stakes in a standoff with Russia and effectively rebuffing Moscow’s suggestion for new talks.
Saudi Arabia has been pumping around 9.7 million bpd in the past few months, but has extra production capacity it can turn on and it has hundreds of millions of barrels of crude in store. “I fail to see the wisdom for holding meetings in May-June that would only demonstrate our failure in attending to what we should have done in a crisis like this and taking the necessary measures,” he told Reuters.Riyadh’s unprecedented hike in supply follows the collapse of talks last week between members of the OPEC+ grouping, an informal alliance of OPEC states, Russia and other producers that has propped up prices since 2016.
Iraq and some other OPEC nations, with more meager financial resources to cope with a dramatic drop in oil revenues, called for action to shore up prices.
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