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Saudis reduce oil output, exports

Oil&Gas Materials 22 May 2018 15:19 (UTC +04:00)

Baku, Azerbaijan, May 22

By Leman Zeynalova – Trend:

Saudi Arabia’s crude oil production dropped to 9.907 million barrels per day in March 2018, as compared to 9,935 million barrels per day a month earlier, according to the report of the Joint Organizations Data Initiative (JODI).

The country’s oil export stood at 7.122 million barrels per day in March 2018, as compared to 7.251 million barrels per day in February 2018, said the report.

Saudi Arabia has undertaken the largest cut in oil output (486,000 barrels per day) among the participants of the OPEC deal signed last year in Vienna.

Earlier, OPEC and several other non-OPEC producers reached an agreement to extend the production deal for a further nine months. This would shift the expiration date of the agreement from March to the end of 2018. The agreement is on the same terms as those agreed in November last year.

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Follow the author on Twitter: @Lyaman_Zeyn

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