Saudi Aramco starts cutting output ahead of May 1 OPEC+ target
Aramco started to reduce production from about 12 Mbpd to achieve 8.5 Mbpd
Image Credit: Bloomberg
Dubai: 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.