After its historic plunge of more than 25% on Monday, the price of a barrel of Brent resumed on Tuesday, gaining more than 10%.
Saudi Arabia, which declared the price war after the failure of talks with Moscow on Friday, does not give up. Failing to obtain a reduction in production from its ally in order to stem the fall in prices linked to the coronavirus, the kingdom radically changed its attitude. It thus hopes to preserve its market share.
After announcing price cuts on its contracts, Riyadh is now taking its production to an unparalleled level. In April, Aramco will market 12.3 million barrels per day, announced its managing director Amin Nasser. To reach this volume, which is 25% higher than current production, Riyadh will have to draw on its stocks.
If it continues, this price war will put American producers in difficulty, extracting their shale oil at far higher costs than crude oil from the Saudi sands. The Secretary
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