Saudi Aramco began reducing oil production earlier this week ahead of the May 1 start date for OPEC+ output cuts, according to a Saudi industry official familiar with the matter.
Aramco has begun to curtail production from about 12 million barrels a day to achieve the agreed level of 8.5 million barrels a day, the person said, asking not to be named discussing private information. The country joins fellow OPEC members Kuwait, Algeria and Nigeria in kicking off cuts early.
