Saudi crude oil exports to remain below 7mn bpd in April - Ministry

Riyadh – Mubasher: Saudi Arabia’s crude oil production will remain less than 10 million barrels per day (bpd) in April, while exports will be below 7 million bpd, the Ministry of Energy, Industry and Mineral Resources said on Wednesday.

The kingdom and other non-OPEC producers, who are participating in the international supply cut agreement, are still committed to pursuing the common objective of restoring inventories back to normal levels, Reuters reported, citing the ministry’s spokesman as saying.

“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.

During 2017, Saudi oil output stood at 3.63 million barrels, with 9.95 million bpd average.

The value of oil exports jumped 25% to SAR 638.4 billion last year, compared to SAR 510.7 billion in 2016.

Mubasher Contribution Time: 14-Mar-2018 13:20 (GMT)
Mubasher Last Update Time: 14-Mar-2018 13:27 (GMT)

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