Energy giant Saudi Aramco on Wednesday said it plans to raise its crude production capacity by one million barrels per day to 13 million bpd as a price war with Russia intensifies. “Saudi Aramco announces that it received a directive from the ministry of energy to increase its maximum sustainable capacity from 12 million bpd to 13 million bpd,” the company said in a statement to the Saudi Stock Exchange.
The decision comes a day after the world’s top exporter, Saudi Arabia, decided to hike production by at least 2.5 million bpd to a record 12.3 million from April.
The Saudi moves come after the collapse of an oil production reduction agreement between OPEC and non-OPEC producers, including Russia.
