Saudi Arabia to keep its April crude oil exports under 7 million bpd: ministry

DUBAI (Reuters) – Saudi Arabia plans to keep its production in April below 10 million barrels per day (bpd), and maintain exports under 7 million bpd, the energy ministry said on Wednesday, as the top OPEC producer wants to end a global supply glut and boost prices.

Saudi Arabia, the world’s biggest oil exporter, has been pumping below its OPEC target since January and reducing its crude shipments, as it turns its focus on cutting exports in an attempt to drain global oil stocks.

“Despite nominations coming in at 100,000 barrels a day, higher than the previous month, allocations were maintained on par with their March levels,” the ministry said in a statement.

A spokesman for the energy ministry said that Saudi Arabia along with the OPEC and non-OPEC oil producers participating in a global supply cut agreement “remain committed to pursuing the common objective of restoring inventories back to their normal levels.”

The Organization of the Petroleum Exporting Countries and non-OPEC producers led by Russia have agreed to maintain oil output cuts until the end of 2018 aiming to reduce global inventories and support prices.

OPEC has made the five-year average its main target and managed to reduce the glut to around 74 million barrels above that benchmark, from above 300 million when the cuts began in 2017.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.