Saudi Arabia says to reduce oil production in March
Saudi Arabia – the world’s biggest exporter of crude oil – says it will reduce production in March in a move which is expected to help ease market volatility in the wake of increased US supplies.
Saudi Arabia’s Energy Ministry was quoted by media as announcing in a statement that the kingdom’s total output next month would be lower than February by 100,000 barrels per day (bpd).
The statement added that exports would also be maintained below seven million bpd.
"Saudi Arabia remains focused on working down excess oil inventories," AFP quoted a ministry spokesman as saying.
"Market volatility is a common concern for producers and consumers, and the kingdom is committed to mitigating this volatility and moderating its negative impacts."
Last month, Saudi Arabia called for extending an agreement between OPEC and non-OPEC producers to cut output and help boost prices beyond 2018.
Oil prices fell from above $110 per barrel in 2014 to around $30 at the start of 2016. But the market has seen a turnaround since and oil prices are now close to $60.
However, oversupply remains a concern for the market, AFP added in its report.
On Tuesday, the International Energy Agency announced that surging oil production in the United States was putting the brakes on crude prices.
Shale producers, particularly in the US -- who are not party to the deal -- are ramping up output to cash in on rebounding crude prices.
Saudi Energy Minister Khalid al-Falih expressed confidence on Wednesday that cooperation between OPEC and non-OPEC allies will stabilize oil markets.
"I am confident that our high degree of cooperation and coordination will continue to bring the desired results," Falih told an industry conference in Riyadh, AFP reported.
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