Saudi Arabia to Extend Deep Oil Output Cuts Into April
- Aramco to export under 7 mln b/d, less than refiners asked for
- Saudi Arabia plans to produce well below 10 mln b/d in April
Saudi Aramco's Ras Tanura oil refinery and terminal.
Photographer: Simon Dawson/Bloomberg
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Saudi Arabia will supply its clients with significantly less oil than they requested in April, extending deeper-than-agreed production cuts into a second month, a Saudi official familiar with the policy said.
The move is the latest sign Riyadh is determined to regain control of the oil market as prices remain well below the level that many OPEC members need to cover their government spending.