New Delhi, April 25: Crude prices plunged in Asia on Monday apparently in the wake of reports that Saudi Arabia could maintain its total production capacity with the expansion of an oilfield.
The reports said, Saudi Arabian Oil Co will complete an expansion of its Shaybah oilfield by the end of May, allowing the world’s largest exporter to maintain total capacity at 12 million barrels a day.
The expansion will see Shaybah’s capacity rise from 750,000 barrels to 1 million barrels a day, the reports said.
Prices tumbled initially last Monday after the collapse of a meeting of major producers aimed at freezing output.