Abu Dhabi’s decision to increase production comes after Saudi Arabia took steps to essentially flood the market to dominate a greater share, after major oil producer Russia refused to go along with more production cuts. Meanwhile, global demand for oil is slowing down due to the outbreak of a new virus that’s hampered travel and business.
Saudi Arabia said this week it would increase its crude oil production to 12.3 million barrels a day starting in April. That’s 300,000 barrels per day more than Aramco’s current maximum sustained capacity. Now the company says it is boosting that output capacity to 13 million barrels per day, giving the kingdom greater maneuverability.
Aramco did not say when that capacity increase would happen, according to Wednesday’s announcement on the Saudi Tadawul stock exchange. Late last year, the company floated 1.7% of its shares on the Tadawul, raising nearly $30 billion in the largest IPO in history.
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