Global Oil Prices Decrease by 3%

Global oil prices have decreased by 3% following reports that Saudi Arabia's Saudi Aramco and the UAE's ADNOC are ready to increase their production capacities, according to trading data reported by Armenpress.

As of 14:10 Yerevan time, the price of Brent crude oil for May futures has fallen by 3.06% to $36.08 per barrel, while WTI crude oil futures decreased by 3.26% to $33.24 per barrel. Earlier on March 11, Saudi Aramco, the world’s largest oil company, announced that it had received a directive from the Kingdom's Energy Ministry to increase its production capacity from 12 million barrels per day to 13 million barrels.

The Abu Dhabi National Oil Company (ADNOC) also stated that it plans to increase its oil supplies to the global market by more than 4 million barrels per day in April and is prepared to enhance its planned production capacities, reported RIA Novosti.