Saudi Arabia to cut down oil exports

MG News | March 12, 2019 at 09:24 AM GMT+05:00

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March 12, 2019: Saudi Arabia plans to cut its crude oil exports in April to below seven million barrels per day, while keeping its output well below ten million in a bid to support oil prices.

A Saudi official said state-owned Saudi Aramco’s oil allocations for April are 635,000 barrels per day below customers’ nominations, which are the requests made by refiners and clients for Saudi crude.

OPEC, Russia and other producers, known as OPEC+, agreed in December to reduce supply by 1.2 million barrels per day from first January for six months.

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