Saudi Arabia ready to raise oil output
The battle in oil prices is far from over as the Saudi oil minister said today that they would be prepared to increase output to claim a bigger market share so they can meet the demands of any new customers.
Speaking in the Saudi al-Hayat news reported by Reuters, the minister was asked if they wanted to maintain a market share of 9.7mbpd
“Yes, unless a new client comes along and then we may increase it” he said
More bearish comments as the Saudi’s carry on going full steam into protecting their large slice of the market, and look like they are going to see it through until the bitter end.
Brent crude is down over $1.50 from the highs today and currently at 61.12