As Saudi Arabia blows up crude oil market, stand by for fallout: Analyst

Topics Oil Prices | OPEC | Saudi Arabia


Saudi Arabia has detonated a metaphorical nuclear weapon in the global oil market, blowing up prices and trade relationships with its decision to slash the cost of its own crude while ramping up output. The Saudi move was no shot across the bows aimed at Russia's reluctance to extend and boost a deal to curb production.

Instead, it was a full-on declaration of war. Saudi Aramco aims to lift its output above 10 million barrels per day (bpd) in April, possibly as high as 11 million bpd, two people with knowledge of the.

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