Saudi Aramco says to supply 8.5mln bpd from May
Team Udayavani, Apr 18, 2020, 7:58 AM IST
Riyadh: Saudi oil giant Aramco said Friday it would market 8.5 million barrels per day (bpd) of crude from May under a producers’ agreement to restrict supply and boost plummeting prices.
The deal came after a price war between Riyadh and Russia saw the kingdom boost supplies to records of over 18 million bpd earlier this month.
In a brief statement on the website of the Saudi bourse, the firm said Friday it would make available 8.5 million bpd, without clarifying whether or how this would be split between exports and domestic supply.
Global oil prices have collapsed amid economic turmoil due to the novel coronavirus pandemic, along with a supply glut and the Saudi-Russian price war.
But the OPEC+ alliance of major producers, led by Riyadh and Moscow, agreed Sunday to slash daily production by 9.7 million bpd over the next two months.
According to the deal, Saudi Arabia and Russia will cut 2.5 million bpd each from their October 2018 production levels of 11 million bpd.
Saudi energy minister Prince Abdulaziz bin Salman was quoted by local media on Tuesday as saying that G20 producers outside OPEC+ have pledged to cut 3.7 million bpd.
Taken alongside the OPEC+ pledges and strategic reserves purchases, this could reduce global supply by 19.5 million barrels per day, he said.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Cyclone Nivar: 1200 rescue troopers deployed, 800 on standby, says NDRF chief
Govt of India blocks 43 more Chinese mobile apps, including AliExpress, Alipay Cashier, CamCard
Russia says Sputnik V vaccine over 95 pc effective against COVID-19
Related Articles More
Markets surge to lifetime highs; Nifty breaches 13,000-mark
NSE declares Karvy Stock Broking as defaulter, expels from membership
UAE eases limits on foreign ownership to attract investors
Bengaluru-based payments company Cashfree raises USD 35 million
Elon Musk overtakes Bill Gates become world’s second-richest person
A bike rider dies in a lorry crash : The scene of the accident was captured on CCTV
Moodbidri: Four people drowned in Shambhavi river
1348 new vented dams in K’taka’s coastal districts: J.C. Madhu Swamy
Karavali gets introduced to Japanese ‘kokedama’ art
Road Ashram’ campaign to study the effects of the novel coronavirus
Kerala Moves SC Against Centre’s Decision to Lease Thiruvananthapuram Airport to Adani Enterprises
K’taka COVID-19 update: 1870 new cases, 1949 discharges, 17 deaths on Nov 23
US embassy delegation meets NC leader in Jammu
PM Modi to Address All India Presiding Officers Conference on Thursday
India Put to Use Significant Scientific Calibre in Response to Covid-19, Says Harsh Vardhan