Saudi Arabia's oil output surged to record high in April

Saudi Arabia's oil output rose to a record high of 11.3 million barrels per day (bpd) in April, as the Kingdom put pedal to the metal following the collapse of an OPEC-led supply pact, according to Reuters. 

Meanwhile, the 13-member Organization of the Petroleum Exporting (OPEC) countries pumped 30.25 million bpd in April, the highest output in 13-months. 

While most OPEC nations boosted production, Venezuela, Iran and Libya all reduced output in April, possibly due to internal issues like coronavirus outbreak or US sanctions. 

The OPEC+, a group of 24 nations led by Russia and Saudi Arabia recently agreed to cut output by nearly 10 million barrels per day. The agreement is set to take effect on May 1.