Posted 12/1/2023, 9:34:00 PM
Saudi Arabia Considers Ramping Up Oil Production by 2.5 Million Barrels Per Day, Risking New Price War
- Saudi may flood market with extra 2.5 million barrels per day to regain control of prices
- Comes as OPEC+ recently extended output cuts without firm commitments
- Saudi shocked markets in 2014 when it previously tried to flush market to sink prices from $110 to $50
- Move forced high-cost producers out as pumping became unprofitable
- US crude output hitting new record highs in 2022, topping 13.2 million barrels a day in September