Saudis moving toward maximum oil production to keep pressure on U.S. drillers

Not content with the blow it has dealt to U.S. oil drillers, Saudi Arabia is set to escalate the battle for market share by raising production to maximum levels, reports FuelFix.com. Citing comments from Goldman Sachs Group Inc. and Citigroup Inc., the energy news site says the Saudis have already increased oil output to a 30-year high of 10.3 million barrels a day and “will add even more to the global glut.” Having abandoned its role of swing supplier of oil — adjusting production in line with demand — Saudi Arabia will maximize sales to increase pressure on producers outside the Organization of Petroleum Exporting Countries, the banks said. For more, read the full story.
 

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