Saudi Arabia set to pump oil flat out in new oil order, say Citi, Goldman
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NOT content with the blow it's dealt to US oil drillers, Saudi Arabia is set to escalate the battle for market share by raising production to maximum levels.
The world's largest oil exporter has already increased output to a 30-year high of 10.3 million barrels a day in a bid to check growth from nations including the US, Canada and Brazil. It will add even more to the global glut, according to Goldman Sachs Group. Citigroup predicts the kingdom will push towards its maximum daily capacity, which the bank estimates at about 11 million barrels, in the second half of 2015.
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