Saudi Arabia Says It Will Raise Oil Exports to Record 10.6 Million Barrels Per Day

Saudi Arabia said on Monday it will raise its oil exports to a record 10.6 million barrels per day starting from May amid an escalating price war with Russia.

“The kingdom plans to raise its petroleum exports by 600,000 bpd from May, so total exports will increase to 10.6 million bpd,” said an official at the energy ministry, cited by the state-run SPA agency.

This means the world’s top exporter, which already announced a sharp increase for April, will add at least 3.6 million bpd of additional supplies to the global market amid a production glut and low oil prices.