São Paulo – Saudi oil company Saudi Aramco announced this Tuesday (10) it will increase its oil output by 300,000 barrels per day starting April 1, to 12.3 million barrels per day. The company reported the decision to the Saudi stock exchange and said it expects that this will have a positive, long-term effect, Saudi newspaper Arab News’ website reported.
Oil prices rose on Tuesday after the largest loss recorded in one day in nearly thirty years on Monday. Prices had plunged due to the Saudi decision to increase oil production following the collapse of a pact between members of the Organization of Petroleum Exporting Countries (OPEC) alliance with Russia to cut productions.
Gulf markets have also rebounded on Tuesday after a high volatility on Sunday and Monday, UAE newspaper The National’s website reported. Saudi Arabia’s Tadawul, the largest stock market in the Arab world, climbed nearly 7.1% to wipe out most of the losses from Monday. Saudi Aramco surged nearly 10%.
Translated by Guilherme Miranda
