UAE, Saudi Arabia to raise oil output as crude plunges over row with Russia

Topics UAE | Saudi Arabia | Coronavirus


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. The extra oil the two Gulf allies plan to add is equivalent to 3.

6% of global supplies and will pour into a market at a time when global fuel demand in 2020 is forecast to contract for the first time in almost a decade due to the coronavirus outbreak. Oil prices have almost halved since the start of the year.

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