Making a history by breaking its own previous record, for the first time Saudi Arabia pumped more than 12 million barrels of oil on April 1. Saudi Arabia’s previous record stand at about 11 million barrels that was achieved only recently.
The news was confirmed by the officials at Saudi Aramco, the world’s biggest oil company, and the Saudi Ministry of Energy, Industry and Mineral Resources. Because of it, the shares in Saudi Aramco rose for a third consecutive day, up 1.5 per cent to SR30.6.
Robin Mills, Chief Executive of the Qamar Energy Consultancy said, “If Saudi Arabia sustains this, it would be an unprecedented demonstration of their MSC”.
The oil sector in totality has been revolutionised by Aramco’s strategy of large output increases and significant discounts to customers that the experts of energy term as a “shock and awe” play. Because of the crisis generated by the outbreak of the COVID-19 that has hit on the demand of the crude oil, the price of crude oil has witnessed a plunge.