The oil supermajors BP and Shell have had billions wiped from their market value today after the global oil price slumped amid signs that Saudi Arabia is preparing to return to higher oil output.
The world’s biggest oil producer is reportedly planning to abandon its strategy of withholding crude exports to help drive global oil market prices towards $100 a barrel in favour of producing more barrels at a lower price.
The major strategy shift, first reported in the Financial Times, caused the […]
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