Saudi Arabia increases oil output to a record high of 12.3 mbpd

Saudi Arabia will raise its crude supply to a record high in April, the kingdom announced on Tuesday, as it ratcheted up a standoff with Moscow over market share and appeared to reject Russian overtures for new talks.

The clash of oil titans Saudi Arabia and Russia sparked a 25 per cent slump in crude prices on Monday, triggering panic selling and heavy losses on Wall Street’s main stock indexes, already hit badly by the coronavirus outbreak. US President Donald Trump spoke with Saudi Arabia’s Crown Prince Mohammed.....

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