Saudi Arabia to raise crude oil exports to 10.6 mln barrels per day

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RIYADH, (Xinhua) — Saudi Arabia announced on Monday a plan to raise crude oil exports to 10.6 million barrels per day, starting in May.

An official from the Energy Ministry said in a statement on the Saudi Press Agency that the increase would be about 600 thousand barrels per day.

The ministry cited the reason “as a result of displacing crude with natural gas from the Al-Fadhili gas plant, as a fuel for generating electricity, and from the decrease in local demand for petroleum products due to the decrease in transportation from the precautionary measures in place to limit the coronavirus outbreak.”

Saudi oil company Saudi Aramco announced on March 11 its plan to raise its maximum sustainable capacity to 13 million barrels per day.

The decision was taken after the breakdown of talks early this month between OPEC members and Russia on securing a further oil production cut, lines have been drawn in an oil market price war.

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