Crude-oil prices climb 7.5% even as Saudi Aramco vows to hike output
Energy titan Saudi Aramco said Tuesday it will boost its supply of crude oil CL.1, +8.83% BRN00, +8.14% to 12.3 million barrels per day in April, flooding markets as it escalates a price war with Russia.
The world’s biggest crude exporter has been pumping some 9.8 million bpd which means it will be adding at least 2.5 million bpd from April. Saudi Arabia says it has an output capacity of 12 million bpd but it is not known for how long it can sustain such levels.
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