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Saudis Plan Big Oil Output Hike, Beginning All-Out Price War

  • Riyadh reduces the costs of its crude well below Russian oil
  • Oil market braces for what hedge funds call a ‘nasty’ period
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Saudi Arabia plans to boost oil output next month to well above 10 million barrels a day, as the kingdom responds aggressively to the collapse of its OPEC+ alliance with Russia.

The world’s largest oil exporter engaged in an all-out price war on Saturday by slashing pricing for its crude by the most in more than 30 years. State energy giant Saudi Aramco is offering unprecedented discounts in Asia, Europe and the U.S. to entice refiners to use Saudi crude.