RIYADH — Saudi Aramco, the world’s largest oil company, said on Wednesday that 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 on the Saudi Stock Exchange (Tadawul).

The news follows a statement on Tuesday that said the world’s largest oil company would increase its crude oil supply to 12.3 million bpd in April — an increase of approximately 2.5 million bpd on the previous months.

Taking a cue from the Saudi action, the United Arab Emirates' national oil company said on Wednesday it was ready to boost its oil supplies by around one million barrels per day amid a price war.

"In line with our production capacity growth strategy ... we are in a position to supply the market with over four million barrels per day in April," Abu Dhabi National oil Co. said in a statement.

"In addition, we will accelerate our planned five million bpd (output) capacity target," ADNOC said.

Following the breakdown of talks on Friday between OPEC members and Russia on securing a further output cut of 1.5 million barrels per day lines have been drawn in an oil market price war.

Futures prices of Brent crude fell over 25 percent to around $33 per barrel in Monday morning trading, while North America’s WTI crude dropped to around $29 per barrel in the worst day of trading for both futures contracts since 1991. Prices have since recovered around 10 percent.