Saudi Arabia: Our oil exports will be less than 7 million barrels per day

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UNITED STATES (VOP TODAY NEWS) — Saudi Energy Minister Khalid Al-Falih said that the Kingdom’s oil exports will be less than 7 million barrels during March and April of 2019.

“The Kingdom’s exports in April will be about 100 thousand barrels per day below the level of March,” Al-Falih said in a press statement following OPEC meetings in Baku.

He added that “there is an increase in oil stocks, despite the decline in production from Iran and Venezuela.”

The Saudi oil minister stressed that the compliance rate of the “OPEC +” in March, will be “more than 100 percent,” noting that the production of Saudi oil will not continue “indefinitely” to compensate the supplies of other producers.

Al-Faleh urged OPEC and its allies to continue the path of compliance with the recently agreed cut in oil production, when the current global agreement to cut supplies expires at least.

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