Saudi Arabia, the world’s largest crude exporter, said it would restrain its oil exports in March, despite a drop in domestic demand for crude oil. The current leader of the Organization of the Petroleum Exporting Countries (OPEC) is pushing for a complete elimination of the global oil supply gap and worries about a new cycle of oil price weakness.<\/p>\n
Saudi Arabia will keep its oil exports below 7 million bpd in March, despite the shutdown of the 400,000 bpd refinery, the Saudi Energy Ministry said on Thursday. In a statement issued by the government, Saudi Arabia was reportedly still focused on working to reduce excess oil stocks around the world. The report also added that market volatility is a common concern for producers and consumers, and that the Kingdom of Saudi Arabia is committed to mitigating this volatility and moderating its negative impacts by seriously fulfilling its responsibilities.<\/p>\n
The Organization of Petroleum Exporting Countries and external producers, including Russia, are cutting production to get rid of the excess supplies. The agreement began a year ago and was extended until the end of 2018. The decline led to higher oil prices, which in January reached $71 per barrel for the first time since 2014. But since then, oil has fallen in 2018 to $61.76 this week, and pressure of higher US output and excessive supply expectations may continue.<\/p>\n
Saudi Energy Minister Khalid al-Falih expressed his optimism even the after prices fell, saying he was confident that cooperation between the Organization of Petroleum Exporting Countries and its non-OPEC allies would help stabilize the markets. “I am confident that our high degree of cooperation and coordination will continue and bring the desired results\u201d, Al-Falih said at an industrial conference attended by Russian Energy Minister Alexander Novak and OPEC Secretary General Mohammad Barkindo.<\/p>\n
Mohamed Barkindo said that demand for oil would grow this year, and the data indicated that in January, producers remained strongly committed to their pledges under the supply reduction agreement.<\/p>\n
Saudi Aramco will cut production to 100,000 bpd, suggesting that Saudi Arabia will continue to pump below its target.<\/p>\n
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