Hard on the heels of Aramco slashing the price of its crude
- plans to increase oil output in April
- going well above 10 million barrels a day
- Saudi Arabia has privately told some market participants it could raise production much higher if needed, even going to a record of 12 million barrels a day
Current Saudi production is about 9.7 millions a day
“That’s the oil market equivalent of a declaration of war,” said a commodities hedge fund manager, asking not to be named due to the sensitivity of the situation.
Back up the truck!