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

Saudi Arabia plans to 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, 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, particularly to the United States, 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.”
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