Saudi Arabian shipping company Bahri has booked 14 super tankers to load crude oil in late-March, Reuters reported sources as saying.
The spike in bookings follows the announcement by Saudi Aramco yesterday that it plans to ramp up production to 12.3 million barrels per day starting in April.
On Wednesday, Saudi Aramco announced that it has received a directive from the Ministry of Energy to increase its maximum sustainable capacity from 12 million barrels per day (bpd) to 13 million bpd.
Following the breakdown of talks on Friday between OPEC members and Russia on securing a further output cut of 1.5 million barrels per day, lines have been drawn in an oil market price war.
Futures prices of Brent crude fell over 25 percent to around $33 per barrel in Monday morning trading, while North America’s WTI crude dropped to around $29 per barrel in the worst day of trading for both futures contracts since 1991. Prices have since recovered around 10 percent.
Source: Al Arabiya
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