DUBAI, (Reuters) – Saudi Arabia has quietly increased its production to more than 9 million barrels per day (bpd), an increase of more than 700,000 barrels a day, a senior industry source familiar with Saudi production told Reuters on Friday.

“We have started producing over 9 million barrels per day. We have a lot of production capacity,” the source said.

Reuters estimated Saudi output at 8.3 million bpd in January. OPEC’s leading producer has come under pressure to lift output to stem a spike in oil prices now at $112 a barrel.