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

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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.

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