Wednesday, April 8, 2015

Saudi Arabia raised oil output to 10.3M barrels a day in March

Saudi Arabia raised oil output to 10.3M barrels a day in March, the highest in at least 12 years, and intends to keep producing 10M bpd despite low crude prices. Oil minister believes that oil will rise in the "near future" but even if it doesn't, some expect the kingdom to hold firm until the slump in crude forces U.S. shale plays into bankruptcy.

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