Oil resumes decline as Saudis, U.A.E. vow further output boost
INTERNATIONAL – Oil’s rebound from its biggest crash in a generation halted after Saudi Arabia said it would boost its production capacity, and the United Arab Emirates joined them in raising supplies.
Brent crude fell 3.4% in London after being up almost 7% earlier.
Saudi Aramco said Wednesday it was making maximum efforts to boost its oil production capacity to 13 million barrels a day from 12 million after pledging to supply a record 12.3 million barrels a day next month in a massive increase. Abu Dhabi National Oil Co. will boost oil supply to over 4 million barrels a day, it said in a statement.
Source: iol.co.za
