Saudi Arabia lifts oil production to its highest level ever

Riyadh

SAUDI Arabia has revved up crude production to its highest rate on record, feeding unexpectedly strong demand from foreign refiners and increased capacity at home.

Oil Minister Ali al-Naimi told reporters late on Tuesday that the kingdom produced some 10.3 million barrels per day (bpd) of crude in March, a figure that would eclipse its previous recent peak of 10.2 million bpd in August 2013, according to records going back to the early 1980s.