By February 14, 2018 0 Comments Read More →

Saudi Arabia seeks to further reduce oil stockpiles

Saudi Arabia said Wednesday it will further trim oil production and exports next month to reduce excess stockpiles that have weighed on crude prices, as concerns mount over US oversupply.

Saudi Aramco’s crude output in March will be 100,000 barrels per day (bpd) below its February level while exports will be kept below seven million bpd, the energy ministry said.

“Saudi Arabia remains focused on working down excess oil inventories,” a ministry spokesman said…

 

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