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Saudi Arabia promised to fill the market with cheap oil


19 March 2020

"The Department of Energy has instructed Saudi Aramco to continue delivering oil at 12.3 million barrels per day over the coming months," the Saudi Arabian Energy Ministry said in a document.

The maximum production policy was announced by Saudi Arabia after Russia refused to cut production. The kingdom kept its production at around 9.7 million barrels per day and is now increasing it by a third. In addition, Riyadh announced a sharp decline in prices for its varieties: April shipments to Europe will be shipped at a price 10.25 dollars below Brent.

As a result of the policy of maximum production, the United States will suffer first of all. Their oil storage facilities are half full and can accommodate another 135 million barrels. With a weekly increase in US commercial oil reserves of 14 million b / d, all storage facilities will be full in 10 weeks.

Lack of storage will drive up the cost of freighting tankers that can be filled with oil in the absence of ground reservoirs, and will make exporting black gold from the US economically pointless.

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