Saudi Arabia to raise oil exports to record levels from May

Saudi Arabia said announced it will raise its oil exports to a record 10.6 million barrels per day starting from May despite a global supply glut, escalating a 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 Saudi Press Agency.

Saudi Arabia, the world's top oil exporter which already announced a sharp production increase for April, said it would add additional supplies to the global market, deepening a glut.