Saudi Arabia Achieves Record High Crude Oil Production as April Begins

Saudi Arabia's state-owned oil company Aramco increased its oil production to a record high of over 12 million barrels per day starting April 1 (local time).

On April 2, the state-run Arab News, citing sources from Aramco and the Ministry of Energy, reported, "As Aramco announced last month, oil production was raised on April 1, the first day of the month," adding, "This surpasses the previous maximum production of 11 million barrels per day (2015?16) in one leap."

Saudi Arabia and Russia had coordinated production cuts, but the agreement collapsed on March 6.

Saudi Arabia ignited a 'price war' by announcing it would aggressively increase production starting April 1, the day after the existing production cut agreement ended.

Saudi Arabia's average daily production in March, while maintaining the production cut agreement held for the past three years among OPEC and 10 major oil-producing countries including Russia, was about 9.7 million barrels per day.

Aramco plans to raise its crude oil export volume to a record high of 10.6 million barrels per day starting in May.

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