The United Arab Emirates followed Saudi Arabia on Wednesday in promising to rais...
DUBAI/MOSCOW - The United Arab Emirates followed Saudi Arabia on Wednesday in promising to raise oil output to a record high in April, as the two OPEC producers raised the stakes in a standoff with Russia that has hammered global crude prices.
But Russia said on Wednesday it would not reverse its decision as it still believed cutting output would make no sense if the virus hit demand deeper than expected. In addition, Moscow has said Russian oil firms might boost output by up to 300,000 bpd and possibly as much as 500,000 bpd. “The company is exerting its maximum efforts to implement this directive as soon as possible,” Nasser said.The virus has prompted lockdowns in major economies such as China and Italy, disrupting businesses and sending shares into tailspin.
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