Saudi Arabia has escalated its oil price war with Russia as It pledges to supply a record 12.3 million barrels a day next month.
Russia’s Energy Minister Alexander Novak responds saying Russia would boost production by 500,000 barrels a day putting the country’s output potentially at 11.8 million barrels a day
Members of the Organization of Petroleum Exporting Countries (OPEC) followed suit, with Iraq promising to increase by 350,000 barrels a day and Nigeria 100,000 barrels
On Monday, oil prices dropped by about 30 percent the highest in over 20 years affecting many nations dependent on oil despite the global crises caused by Covid-19.
Oil prices currently seat at $37