Oil Price War Escalates With Huge Saudi Oil Output Hike

The video discusses the ongoing crude oil price feud between Saudi Arabia and Russia. Saudi Arabia plans to increase its oil production to 12.3 million barrels per day, exceeding its sustainable capacity by tapping into strategic reserves. In response, Russia aims to boost its production by 500,000 barrels per day, setting a new record. This short-term price war is expected to disrupt the global oil market, highlighting the absence of a swing producer to stabilize prices.

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