Saudi Arabia, the world’s biggest oil exporter, will raise its crude supply to a record high in April, the kingdom announced on Tuesday.
Amin Nasser, CEO of Saudi Aramco said the oil giant would increase supply to 12.3 million barrels per day (bpd) in April for customers inside the kingdom and abroad.
As a result, oil prices were up about 8%, one day after facing their biggest rout in nearly 30 years escalated tensions over its plan to ramp up production.
U.S. President Donald Trump spoke with Saudi Arabia’s Crown Prince Mohammed bin Salman in a call on Monday to discuss global energy markets, among other issues, White House spokesman Judd Deere said on Tuesday.
