Saudi announces plan to boost oil production capacity for first time in years

Saudi Arabia said on Wednesday it plans to boost oil production capacity for the first time in more than a decade, a day after it announced a record high hike in crude supply in a battle for market share that has hammered global prices this week.

On Tuesday Saudi Arabia said it would boost its oil supplies to a record high in April, raising the stakes in a standoff with Russia, with Riyadh effectively rebuffing Moscow’s suggestion for new talks to limit output and boost prices.