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Saudi Plans to Boost Oil Output Even Further Push Crude Price Lower – The Wall Street Journal

DUBAI—Saudi Arabia fired another salvo in its oil-market war with Russia on Wednesday, unveiling plans to boost its oil-production capacity to a record 13 million barrels a day. The price of crude oil fell more than 3% after the announcement.

The capacity increase comes after the kingdom instigated a price war with Russia by signaling its intentions to boost production and slash prices.

Russia…

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