Saudi Arabia increases oil production

On Monday, oil prices fell. The reason for the fall is not the coronavirus, but the announcement that Saudi Arabia will increase oil production to the maximum. Thus, the Kingdom wants to put pressure on Russia, which previously could not agree on further restrictions on production volumes.

If Saudi Arabia now pumps more oil into the market, prices are likely to remain low. This is bad for Russia, but it may be good for European consumers. Since the beginning of the year, fuel has become much cheaper. Media reports suggest that diesel fuel may soon cost less than euros.