13 February 2019, London — Saudi Arabia plans to produce around 9.8 million barrels per day of oil in March, over half a million bpd below its pledged production level under a global supply-cutting deal, Energy Minister Khalid al-Falih told the Financial Times.
Exports would fall in March to 6.9 million bpd, according to the article published on Tuesday.
The March production figure means Saudi would be voluntarily cutting output by more than 500,000 bpd below its pledged production level under a deal between the Organization of the Petroleum Exporting Countries and allies led by Russia.
Under the deal reached in December and which came into effect at the start of the year, Saudi Arabia’s target production is 10.311 million bpd.
Also Read: Saudi crude output to fall to 9.8 million bpd in March – Falih
Production in March would be 1.2 million bpd lower than Saudi Arabia’s November output, which was an all-time high.
He said if Saudi Arabia were unable to balance the market by adjusting production, the world would suffer “irreparably”.
A U.S. House of Representatives committee approved the bill known as No Oil Producing and Exporting Cartels Act, or NOPEC, last week.
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Reuters