Oil prices rise 10% after Russia indicates 'open to cooperation with OPEC'
Oil prices
Oil prices rose ten per cent on Tuesday after Russia indicated that it was open to cooperation with OPEC, a day after prices recorded biggest one-day percentage decline since the first Gulf War in 1991.
Also Read:Oil takes biggest daily dive in over a decade as Russia, OPEC split
Russian energy minister Alexander Novak told state television that various tools including reduction and increasing production could take place after Saudi Arabia indicated it would increase production from current level of 9.7 million bpd.
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"Saudi Aramco announces that it will provide its customers with 12.3 million barrels per day of crude oil in April," the company said in a statement.
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Brent crude futures were up $3.36, nearly 10%, to $37.72 a barrel.
"The Company has agreed with its customers to provide them with such volumes starting 1 April 2020. The Company expects that this will have a positive, long-term financial effect," the statement.
Saudi Arabia's decision to ramp up oil output is set to trigger an all-out price war in a sector which has been hit due to fall in demand due to the coronavirus in China and large scale oil inventory present in the world markets with demand not likely to take place in the near future.