Saudi Arabia plans to increase oil output next month, well above 10m barrels a day

Hard on the heels of Aramco slashing the price of its crude

• Saudi Arabia has slashed its oil price for all crude

Bloomberg report on the planned output cut citing "people familiar with the conversations, who asked not to be named to protect commercial relations"

• plans to increase oil output in April
• going well above 10 million barrels a day
• Saudi Arabia has privately told some market participants it could raise production much higher if needed, even going to a record of 12 million barrels a day

Current Saudi production is about 9.7 millions a day

"That's the oil market equivalent of a declaration of war," said a commodities hedge fund manager, asking not to be named due to the sensitivity of the situation.

Bloomberg link here

Back up the truck!