Saudi Arabia Increases Oil Output to Record High

Saudi Arabia’s state-run oil giant Saudi Aramco it would increase its crude oil production to 12.3 million barrels a day in April, a record amount.

A security person wears a mask as he checks vehicles entering a compound for Saudi Aramco in Jiddah, Saudi Arabia, on March 9, 2020. Amr Nabil/AP Photo

DUBAI, United Arab Emirates—Saudi Arabia’s state-run oil giant Saudi Aramco said Tuesday it would increase its crude oil production to 12.3 million barrels a day in April, a record amount.

The move seems to make good on the country’s promise over the weekend to increase output after Russia refused to cooperate on cutting production. That led to a 25 percent plunge in the price of crude on Monday, the sharpest decline seen since the 1991 Gulf War. International benchmark Brent crude traded up over 7 percent Tuesday at nearly $37 a barrel.