Oil giant Aramco says will tap inventories to raise output

Oil giant Saudi Aramco will syphon 300,000 barrels of crude per day from its vast stocks as it boosts output, its chief said on Monday amid an escalating price war with Russia.

"Our maximum sustained output capacity is 12 million bpd," CEO Amin Nasser said.

In April that will rise to 12.3 million bpd, he said, adding: "The 300,000 will be coming from our inventories."