Saudi Arabia Increases Oil Output to Record High
DUBAI, United Arab Emirates (AP) — Saudi Arabia’s state-run oil giant Saudi Aramco says it will increase its oil production to 12.3 million barrels a day in April, a record amount.
Tuesday's move makes good on the country's promise over the weekend to increase output, after Russia refused to cooperate on cutting production.
That breakdown in cooperation led to a 25% plunge in the price of crude on Monday.
It's the sharpest decline seen since the 1991 Gulf War.
In a filing made Tuesday, Aramco said that the increase in production represents a rise of 300,000 barrels per day.
The company said the increase would start on April 1.