Oil War Escalates Again After Saudi and U.A.E. Promise Flood of Crude
- Riyadh announces new capacity, U.A.E. to ramp up April sales
- Gulf states pressure Moscow after collapse of OPEC+ alliance
An oil drilling rig stands one of the Causeway islands in the Manifa offshore oilfield, operated by Saudi Aramco, in Manifa, Saudi Arabia.
Photographer: Simon Dawson/Bloomberg
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The battle for control of the global oil market intensified again on Wednesday as Saudi Arabia promised to increase production capacity and the United Arab Emirates said it plans to pump as much as possible next month.