Saudi Aramco said to start output cuts ahead of OPEC+ target

Saudi Aramco said to start output cuts ahead of OPEC+ target

Saudi Aramco started reducing production earlier this week ahead of the May 1 deadline when new OPEC+ output targets kick in, according to a Saudi industry official familiar with the matter.

Aramco started to reduce production from about 12 million barrels a day to achieve the new level of 8.5 million barrels a day, the same person said, asking not to be named discussing non-public information.

Aramco is likely to be pumping at the 8.5 million barrels a day target slightly ahead of the May 1 target, the person added.

Aramco didn’t immediately respond to an e-mail seeking comment.

Source: Arabian Business

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Published: 25-04-2020