Saudi Arabia has plans to further hike oil exports from April to May, culminating in a record 10 million barrels per day (bpd) as Saudi plans to tap a new field, according to Bloomberg.
The increase in shipments of about 250,000 bpd will utilise the gas produced from the Fadhili gas plant which will enable the Kingdom to increase its crude exports during the coming few months to reach the 10 million bpd. This shows that the kingdom is determined to carry on with its policy of flooding the market after the OPEC+ deal unraveled.
Before the price war broke out, Saudi oil exports averaged just under 7 million barrels a day from December to February. However, with the price war showing no signs of relenting and demand falling, Wall Street is slashing its oil forecasts.