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Markets

Saudi Arabia's crude oil supply rises above 12mn bpd

A global oil supply cut pact expired on Tuesday, lifting restrictions on output by OPEC members, Russia and other p
01 Apr 2020
  • A global oil supply cut pact expired on Tuesday, lifting restrictions on output by OPEC members, Russia and other producers.

DUBAI: Saudi Arabia's crude oil supply rose on Wednesday to more than 12 million barrels per day, two oil industry sources said.

A global oil supply cut pact expired on Tuesday, lifting restrictions on output by OPEC members, Russia and other producers.

Saudi Arabia had said that oil exports will be about 10 million bpd, but it gave no indications on how much crude would go into storage amid global demand destruction due to the spread of the coronavirus epidemic.