Saudi Arabia to Boost Oil Output Even Further - The Wall Street Journal

Saudi Aramco said it had received directions to boost output to 13 million barrels a day.

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Summer Said

Summer Said
The Wall Street Journal
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Updated March 11, 2020 3:44 am ET

DUBAI—State oil giant Saudi Aramco said Wednesday it has received a directive from the kingdom’s energy ministry to up its output capacity to 13 million barrels a day, from 12 million barrels a  day.

Aramco didn’t say when the capacity increase would take place.

The company had said Tuesday it would raise its crude supply to 12.3 million barrels per day in starting April 1, only days after it cut most of its official selling prices triggering Monday’s oil-price crash.

April’s crude supply will be 300,000 barrels a day over the company’s maximum sustained capacity of 12 million barrels a day.

On Wednesday, Brent, the international benchmark, was trading down 1.4% to $36.37 a barrel while the West Texas Intermediate was also down 1.7% to $33.8 a barrel.

Write to Summer Said at summer.said@wsj.com

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