OPEC kingpin Saudi Arabia unveiled plans Wednesday to dramatically ramp up oil production, raising the stakes of an all-out price war with non-OPEC leader Russia.
State-owned oil behemoth Saudi Aramco said Wednesday that it had been asked by the Saudi energy ministry to raise its production capacity to 13 million barrels per day (bpd), up from 12 million bpd at present.
The oil-rich kingdom has been pumping around 9.7 million bpd in recent months, but it has plenty of spare capacity to pump more crude, with hundreds of millions of barrels also in storage.
