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Saudis Begin Curbing Oil Output Ahead of OPEC+ Start Date

  • Aramco begins cutting to level of 8.5 million barrels a day
  • Nation joins Kuwait, Algeria, Nigeria in reducing supply early
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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.