Saudi Aramco to raise oil output by 1 mn bpd as price war escalates

Energy giant Saudi Aramco said Wednesday it plans to raise its production capacity by one million barrels per day to 13 million bpd as a price war with Russia escalates.

"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 bpd," the company said in a statement to the Saudi Stock Exchange.