Saudi Arabia's crude supply rose on Wednesday to a record of more than 12 million barrels per day, two industry sources said, despite a plunge in demand triggered by the coronavirus outbreak and U.S. pressure on the kingdom to stop flooding the market.
DUBAI - Saudi Arabia’s crude supply rose on Wednesday to a record of more than 12 million barrels per day, two industry sources said, despite a plunge in demand triggered by the coronavirus outbreak and U.S. pressure on the kingdom to stop flooding the market.
Saudi Arabia had said that its oil exports would be about 10 million bpd, but it gave no indication of how much crude would go into storage. U.S. President Donald Trump said on Tuesday he would join Saudi Arabia and Russia, if need be, for talks about the fall in oil prices, which at current levels will squeeze out higher cost production, particularly U.S. shale output, which had surged in recent years. Later in the day Trump said he believed the two countries will work out their differences over oil production in the next few days.
Crude oil benchmarks ended a volatile first quarter with their biggest losses in history. On Wednesday, oil slid towards $25 a barrel, after touching its lowest level in 18 years. [O/R]
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
As Saudi Arabia considers postponing Hajj, why is it important for Muslims?As millions of Muslims start preparing for this year’s annual Hajj pilgrimage, Saudi authorities ask followers to delay bookings in light of the ongoing global pandemic.
Read more »
Trump says Russia, Saudi Arabia will work out oil disputePresident Donald Trump on Wednesday said he was confident Russia and Saudi Arabia would resolve an oil-price dispute that has damaged the industry. 'I have...
Read more »
Trump says Russia and Saudi Arabia are discussing end to oil price war, will intervene 'at the appropriate time'The dispute erupted last month and has driven down the price of oil in a market struggling under the coronavirus pandemic.
Read more »
Saudi official urges Muslims to delay Hajj plans over virusThe kingdom closed off the holy cities of Mecca and Medina to foreigners over the coronavirus fears, a step which wasn’t taken even during the 1918 flu epidemic that killed tens of millions worldwide.
Read more »
U.S.-Saudi oil alliance idea born at White House, put on back burner for nowTop U.S. officials have for now put aside a proposal for an alliance with Saudi Arabia to manage the global oil market, according to three sources with knowledge of the matter, an idea one of them said came from White House national security advisers. A few weeks ago, proposals for Washington to work
Read more »
Chinese buyers snap up U.S. oil purchases at widest discounts everChina has increased U.S. crude purchases with some buyers snapping up cargoes at the widest discounts ever as sellers seek to offload excess supplies in Asia, six trade sources said on Wednesday.
Read more »