Riyadh: Oil market giant Saudi Aramco has announced an increase in oil supply. This is expected to lead to flooding of supply in the market affected by the softening of demand and increasing competition to drop the market price between Saudi Arabia and Russia. Aramco said on Tuesday that it would increase the daily supply of crude oil to 12.2 million barrels in April.
“It will supply 13.2 million barrels of oil per day to its customers in April,” the company said in a report to the stock market. It is the world’s largest exporter of oil. At present, Aramco is supplying 98 barrels of oil daily. It will increase 2.2 million barrels by April. The statement to the stock market said, ‘The company expects its long-term financial impact to be favorable.’
Saudi Arabia says it has the capacity to produce 12 million barrels of crude oil per day. But it is not clear how long he can maintain this level continuously. Saudi Arabia also has a stock of millions of barrels of oil. It can be used to increase supply when needed.
