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Saudi to raise oil exports to record levels as price war rages
[AlAhram] Soddy Arabia...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face... said on Monday it will raise its oil exports to a record 10.6 million barrels per day starting from May despite a global supply glut, escalating a price war with Russia. Oil prices are languishing at 17-year lows as the coronavirus (aka COVID19 or Chinese Plague)  ...the twenty first century equivalent of bubonic plague, only instead of killing off a third of the population of Europe it kills 3.4 percent of those who notice they have it. It seems to be fond of the elderly, especially Iranian politicians and holy men...pandemic threatens a painful global recession that could further sap demand. Saudi Arabia, the world's top oil exporter which already announced a sharp production increase for April, said it would add additional supplies to the global market, deepening a glut. "The kingdom plans to raise its petroleum exports by 600,000 bpd from May, so total exports will increase to 10.6 million bpd," said an official at the energy ministry, cited by the state-run Saudi Press Agency. Posted by: trailing wife 2020-03-31 |
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