AIRLINK 197.97 Decreased By ▼ -3.27 (-1.62%)
BOP 10.04 Increased By ▲ 0.07 (0.7%)
CNERGY 7.29 Increased By ▲ 0.40 (5.81%)
FCCL 36.00 Increased By ▲ 0.64 (1.81%)
FFL 16.91 Decreased By ▼ -0.24 (-1.4%)
FLYNG 25.04 Increased By ▲ 0.83 (3.43%)
HUBC 134.03 Decreased By ▼ -4.16 (-3.01%)
HUMNL 14.14 Increased By ▲ 0.07 (0.5%)
KEL 4.78 Decreased By ▼ -0.08 (-1.65%)
KOSM 6.94 Increased By ▲ 0.28 (4.2%)
MLCF 44.98 Decreased By ▼ -1.33 (-2.87%)
OGDC 218.23 Decreased By ▼ -4.31 (-1.94%)
PACE 6.94 Decreased By ▼ -0.12 (-1.7%)
PAEL 41.42 Decreased By ▼ -1.72 (-3.99%)
PIAHCLA 16.86 Decreased By ▼ -0.17 (-1%)
PIBTL 8.46 Decreased By ▼ -0.08 (-0.94%)
POWER 9.39 Increased By ▲ 0.29 (3.19%)
PPL 185.93 Decreased By ▼ -2.83 (-1.5%)
PRL 41.27 Decreased By ▼ -2.00 (-4.62%)
PTC 24.77 Decreased By ▼ -0.58 (-2.29%)
SEARL 104.65 Decreased By ▼ -5.77 (-5.23%)
SILK 1.01 Decreased By ▼ -0.02 (-1.94%)
SSGC 40.91 Decreased By ▼ -1.73 (-4.06%)
SYM 18.05 Decreased By ▼ -0.52 (-2.8%)
TELE 8.91 Decreased By ▼ -0.21 (-2.3%)
TPLP 12.84 Decreased By ▼ -0.84 (-6.14%)
TRG 66.60 Decreased By ▼ -1.56 (-2.29%)
WAVESAPP 11.30 Increased By ▲ 1.03 (10.03%)
WTL 1.78 Decreased By ▼ -0.09 (-4.81%)
YOUW 4.00 Decreased By ▼ -0.01 (-0.25%)
BR100 12,077 Decreased By -142.4 (-1.17%)
BR30 36,524 Decreased By -793.3 (-2.13%)
KSE100 115,042 Decreased By -802.6 (-0.69%)
KSE30 36,200 Decreased By -276.6 (-0.76%)

DUBAI: Saudi Arabia plans to cut its crude oil exports in April to below 7 million barrels per day (bpd), 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.

State-owned Saudi Aramco's oil allocations for April are 635,000 bpd below customers' nominations -- requests made by refiners and clients for Saudi crude, the Saudi official said.

"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.

The April allocations by Aramco show "a deep cut of 635,000 bpd from customer requests for its crude oil," he added.

"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.

The Organization of the Petroleum Exporting Countries (OPEC)  and other producers such as Russia, colloquially known as OPEC+, agreed in December to reduce supply by 1.2 million bpd from Jan. 1 for six months.

"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.

Saudi Energy Minister Khalid al-Falih said on Sunday that March oil production was 9.8 million bpd and that the country, OPEC's biggest producer, plans to keep its April output at the same level.

Saudi Arabia's oil production in February fell to 10.136 million bpd, a Saudi industry source told Reuters on Friday, down from 10.24 million bpd in January.

Copyright Reuters, 2019
 

Comments

Comments are closed.