Iran signs deal with Eni to sell crude oil

Saudi Arabia to increase oil production to 13 mln bpd

Mar 11, 2020
2 min read
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Saudi Arabia's energy ministry has requested Saudi Aramco to increase its production from 12 million to 13 million bpd the company said in a statement to the Saudi stock exchange.

"Saudi Aramco announces that it received a directive from the ministry of energy to increase its maximum sustainable capacity (MSC) from 12 million bpd to 13 million bpd," the company said in a regulatory filing on Wednesday to the Tadawul exchange.

On Tuesday, Aramco said in another filing that it would be providing its customers with 12.3 million barrels per day of crude oil in April.

Saudi Aramco said yesterday that it would provide an "increase of 300,000 bpd over the company’s maximum sustained capacity (MSC) of 12 million bpd. It would start to provide them with such volumes starting 1 April 2020. The company expects that this will have a positive, long-term financial effect."

All of this follows the collapse of a pact between Opec and non-Opec producers led by Russia, a grouping known as OPEC+, at the end of last week that brought to an end the joint effort to curb supply that will now expire at the end of March. After Russia refused to make deeper cuts OPEC responded by removing all limits on its own output.