On March 11, oil prices continued falling as Saudi Arabia doubled-down on its threat to flood the world market with own oil crushing other oil producers.
State oil giant Saudi Aramco announced that it would increase its “maximum sustainable” production capacity by to 13 million barrels per day. This move will mean that the Kingdom is jacking up its production by about 3.5 million barrels per day.
The announcement triggered another round of panic on the energy market. Brent crude futures, the global oil benchmark, was trading 3% lower (about $35.75 per barrel). Since March 5, Brent prices have fallen by about 28%, and 48% since a peak in early January.
If Saudi Arabia turns all these promises into reality, in April its oil production will increase by over 30% in comparison to the level of the OPEC+ deal that recently collapsed.
While Western mainstream media outlest are already accusing Russia of the ongoing oil prices fall (like Russia was the side that went offensive on the market), in fact the Saudi oil campaign is mainly aimed against Russia and Iran. The goal of the campaign (apaprently coordinated with the United States) is to deliver a powerful blow to US geopolitical opponents in the economic sphere simultaneously increasing diplomatic and clandestine pressure on them.
Washington already promised more sactions against Moscow over the conflict in Syria, while pro-US forces inside Russia are actively working to destabilize the country from inside.