A security person wears a mask as he checks vehicles entering a compound for Saudi Aramco in Jiddah, Saudi Arabia. (AP photo)Saudi Arabia’s state-run oil giant Saudi Aramco said today it would increase its crude oil production to 12.3 million barrels a day in April, a record amount. The move seems to make good on the country’s promise over the weekend to increase output after Russia refused to cooperate on cutting production. In a filing made today on Riyadh’s Tadawul stock market, Aramco — formally known as the Saudi Arabian Oil Co. — said that the increase in production represented a rise of 300,000 barrels per day. The lower oil prices come as there’s less demand for air travel amid the spread of the new coronavirus around the world, further depressing prices.

Source: The Standard March 10, 2020 10:59 UTC