Saudi Arabia Visa Services DUBAI: Saudi Arabia is to boost exports of crude oil to a record high in a new show of strength on international energy markets.
From May, the Kingdom will export about 600,000 more barrels of oil per day on top of the current level of 10 million barrels, even as demand and crude prices have been falling.
The extra exports have been made possible by switching to gas for domestic energy generation, and by lower domestic demand caused by the coronavirus pandemic, an energy ministry official said.
Global demand for crude is down as much as 20 percent by some estimates because of stalled economic activity. Oil prices on International markets were volatile again yesterday. Brent, the Middle East benchmark, dipped sharply before closing up by about 5 percent at just over $26 per barrel. West Texas Intermediate, the US standard, fell below the significant $20 per barrel level. It recovered slightly, but still closed about 8 percent down. source arabnews
