Saudi to boost oil output capacity by 1 million barrels per day: Aramco

RIYADH: Energy giant Saudi Aramco said Wednesday it plans to raise its crude production capacity by one million barrels per day to 13 million bpd as a price war with Russia intensifies.

Boosting production capacity normally takes a long time and requires billions of dollars of investment. US benchmark West Texas Intermediate fell 1.7 per cent to about US$33 a barrel while Brent crude was off 1.7 per cent at US$36 a barrel. Both contracts had been up as much as four percent earlier in the day.

As in 2015, Gulf producers will probably implement significant cuts to fiscal spending to contain their budget deficits as revenues plummet.

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