Saudi Aramco increases oil output to record high

Saudi Aramco said it would increase its crude oil production to 12.3 million barrels a day in April. The move comes after Saudi Arabia made a promise to increase oil production after Russia refused to cooperate on cutting production leading to a 25% plunge in the crude price. Saudi Aramco has been pumping some 9.8 million bpd which means it will be adding at least 2.5 million bpd from April.