Oil war escalates after Saudi, UAE promise to increase production capacity

Saudi Arabia had been insisting for weeks that the group needed deeper production cuts to tackle the demand loss caused by the quickly spreading virus.

The battle for control of the global oil market intensified again on Wednesday as Saudi Arabia promised to increase production capacity and the United Arab Emirates said it plans to pump as much as possible next month.
 

Riyadh said it will boost capacity to an unprecedented 13 million barrels a day, doubling down on Tuesday’s pledge of extra output in April. The UAE, a close Saudi ally, then promised to push more crude to customers than it normally produces. These are fresh shots in an all-out war that has seen prices crash and the outlook for the market darken as