Saudi Arabia and UAE plan to increase oil output

Saudi Arabia’s energy minister has directed Saudi Aramco to increase oil output capacity to 13M b/d from 12M b/d, Reuters reports. UAE national oil company ADNOC also announced it would aims to boost output to 5M b/d. Combined, the two countries will increase supply by 3.6M b/d.

The announcements follow the effective end of the OPEC+ production agreement at the end of last week after Russia rejected OPEC proposed cuts of 1.5M b/d, on top of existing cuts of 1.7M b/d.