Saudi to raise oil exports to record levels as price war rages

Saudi Arabia said on Monday it will raise its oil exports to a record 10.6 million barrels per day starting from May despite a global supply glut, escalating a price war with Russia. Oil prices are languishing at 17-year lows as the coronavirus pandemic threatens a painful global recession that could further sap demand. Saudi Arabia, the world's top oil exporter which already announced a sharp production increase for April, said it would add additional supplies to the global market, deepening a glut.

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