Saudi Aramco said Wednesday it plans to raise its crude production capacity by one million barrels per day to 13 million bpd.
"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 million bpd," the company said in a statement to the Saudi Stock Exchange.
CEO Amin Nasser said Aramco would dedicate all of its resources to achieving the increased capacity quickly.
His announcement came a day after Nasser said Aramco will raise its crude supply, which includes oil to its customers inside the Kingdom and abroad, to 12.3 million bpd.
Also Tuesday, Saudi Energy Minister Prince Abdulaziz bin Salman said every oil producer needs to maintain its market share.