Saudi Arabia set to keep April crude exports below 7 mln bpd

Saudi Arabia is planning to maintain its crude oil output below 10 million barrels per day (bpd), and keep exports below 7 million bpd in April, Reuters reported, citing the Ministry of Energy.

“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.

The Kingdom, the world’s biggest oil exporter, has been pumping below its OPEC target since January and reducing its crude shipments in order to end a global oil supply glut and support prices.

Saudi Arabia along with the Organization of the Petroleum Exporting Countries (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," an energy ministry spokesperson told Reuters.

The OPEC and its allies have agreed to maintain oil output cuts until the end of 2018. OPEC has delivered more than 100 percent of the output cuts that members pledged under the deal.

“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,” the Saudi energy ministry spokesman said.

OPEC will meet next in June to decide its output policy, the report said.