Saudi Arabia plans to cut its crude oil exports in April to below 7 million barr...
DUBAI - Saudi Arabia plans to cut its crude oil exports in April to below 7 million barrels per day , while keeping its output “well below” 10 million bpd, a Saudi official said on Monday, as the kingdom seeks to drain a supply glut and support oil prices.
State-owned Saudi Aramco’s oil allocations for April are 635,000 bpd below customers’ nominations — requests made by refiners and clients for Saudi crude, the Saudi official said. “This will keep production well below 10 million bpd in April,” the official said, adding that this is also below the 10.311 million bpd that the kingdom has agreed as its production target under an OPEC-led supply cut agreement.
“Saudi Arabia is demonstrating extraordinary commitment to accelerating market rebalancing,” the Saudi official said, adding that the kingdom expects all other OPEC+ countries to show similar levels of contributions and high conformity.
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