Saudi Arabia to cut crude oil exports in April: Saudi official GlobeBusiness
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.
“Despite very strong demand from international waterborne customers at more than 7.6 million bpd, customers were allocated less than 7 million bpd,” the official said.March’s oil exports will also be below 7 million bpd, the 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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