The Saudi group is increasing its crude supply to 18.8 million barrels in a single day.
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Saudi oil giant Saudi Aramco increased its crude oil supply to a record 18.8 million barrels in a single day on Wednesday, despite lower global demand due to the economic slowdown from the new coronavirus.
“While the world needs economic stability, Aramco remains committed to providing the world with energy,” the oil giant said in a statement.
“The company is breaking records by supplying 15 tankers loading more than 18.8 million barrels of oil,” she added.
Aramco’s announcement comes after an agreement between the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, expired on Tuesday to limit crude oil production to support black gold prices on international markets.
The lack of a new agreement has caused Ryad’s price war in Moscow in recent weeks after the Russians’ refusal to cut global production. Faced with this refusal, the Saudis put pressure on them by lowering their prices and increasing their production.
Saudi Arabia announced on Monday that it would further increase exports to a record 10.6 million barrels a day starting in May.
On Tuesday, US President Donald Trump said he was ready to intervene again to resolve the dispute between Russia and Saudi Arabia in an attempt to stem the fall in prices.
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