Saudi Arabia to keep April crude oil exports under 7 million bpd: ministry
Commodity Alert: Saudi Arabia to keep April crude oil exports under 7 million bpd: ministry
Saudi Arabia, the world's biggest oil exporter, plans keep its crude oil production in April below 10 million barrels per day (bpd), and maintain exports under 7 million bpd, the energy ministry said on Wednesday, according to Reuters report. Despite nominations coming in at 100,000 barrels a day, higher than the previous month, allocations were maintained on par with their March levels. Saudi Arabia and other nations participating in a global supply cut agreement “remain committed to pursuing the common objective of restoring inventories back to their normal levels. We are happy with the excellent overall conformity levels and look forward to all participating countries maintaining or exceeding full conformity with their commitments as agreed.