Breakdown of talks with Russia prompted Saudi Arabia to turn on taps and push down price
Saudi Arabia, the world’s biggest oil exporter, has spelled out details of the dramatic increase in its production that prompted Monday’s huge falls in global stock markets and is regarded as a targeted attack on the US shale oil industry.
The state-owned oil firm Saudi Aramco, said in April, when a three-year Opec deal with Russia expires, it would increase output from 9.7m barrels per day (bpd) to 12.3m, flooding the market and bringing oil prices lower.
Source: Saudis shed light on oil production increase that rattled markets
