Saudi Arabia, UAE to boost oil supplies as price war with Russia simmers
Saudi Arabia said it's planning to boost oil production capacity for the first time in more than a decade. Oil producer Saudi Aramco has been directed to raise its output capacity to 13 million barrels per day.
The measure came amid an escalating oil price war with Russia, following the collapse of a production cut agreement between OPEC and non-OPEC producers. The United Arab Emirates has also joined Saudi Arabia, promising to raise oil output to a record high in April. Russia said it's ready for more talks, but Riyadh said there is little point in doing that if future discussions simply confirm their inability to reach a deal.
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