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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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Saudi Arabia Vows To Cut More Production To Stabilize Oil Market

Saudi Arabia will cut additional 100,000 bpd of its oil production next month and keep its exports below 7 million bpd in March in a bid to help clear the global oversupply and counteract the recent oil market volatility.

Saudi Aramco, the state oil giant, will pump 100,000 bpd less crude oil in March compared to the February level, the Saudi energy ministry said on Wednesday.

The Saudi oil exports will continue to be below 7 million bpd in March, despite the 400,000-bpd SAMREF refinery shutting down for planned maintenance, the ministry said.

Last month, Saudi Arabia was said to be planning to keep the low level of its crude oil exports in the first quarter this year at around 7 million bpd, despite planned refinery shutdowns for maintenance at home.

According to OPEC’s latest production figures released earlier this week, Saudi Arabia lifted its January production by 23,300 bpd to 9.977 million bpd—but still below its 10.058-million-bpd quota, overcomplying once again.

The market volatility and the plunge in oil prices—from over $70 to $62 a barrel Brent—in just two weeks has raised concerns that oil is on another downturn, and Saudi Arabia returns to reiterate its pledge that it will do “whatever it takes” to bring global inventories back to balance. Related: Oil Prices Recover After Small Crude Inventory Build

“Saudi Arabia remains focused on working down excess oil inventories,” Reuters quoted a ministry spokesman as saying in a statement today.

“Market volatility is a common concern for producers and consumers, and the Kingdom is committed to mitigating this volatility and moderating its negative impacts by responsibly meeting its pledges” under the OPEC/non-OPEC production cut deal, he said.

“I am confident that our high degree of cooperation and coordination will continue and bring the desired results,” Saudi Energy Minister Khalid al-Falih said at an industry conference in Riyadh on Wednesday.

“Market volatility is unfortunate but ultimately it is the fundamentals that I watch,” al-Falih noted.

By Tsvetana Paraskova for Oilprice.com

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  • Mamdouh G Salameh on February 14 2018 said:
    Saudi Arabia has vested interest in a re-balanced global oil market and an oil price of $70 a barrel or even higher for a successful Initial Public Offering of 5% of Saudi Aramco expected sometime in the second half of this year.

    To that end Saudi Arabia will continue its crucial cooperation with Russia to underpin the OPEC/non-OPEC production cut agreement beyond 2018 but in a modified format to reflect changing market conditions.

    Saudi Arabia is confident that global oil market fundamentals are robust enough to support an oil price of $70 and higher in 2018. It is not bothered by the continuous claims about rising US oil production particularly shale. The Saudi oil minister, Mr Khalid Al Falih publicly accused the International Energy Agency (IEA) of hyping about shale oil during the recent Economic Forum in Davos.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
  • John Brown on February 14 2018 said:
    This is great news! It means Saudi Arabia is saying they will idle more production in an attempt to artificially manipulate the price of back into the $60s, and it looks like they've succeed with
    WTI jumping $1.60 when I looked last to nearly $61 a barrel from below $60.
    That means that U.S. oil producers have a GREEN LIGHT to go full speed ahead with production in the USA as Saudi Arabia is promising to offset their increased production. With this Green Light we could see WTI back up to or over $65 this week, and maybe even higher.
    The USA can now push production to 11 million by June, and it would be great if we could hit 12 MILLION BPD by year end, and 13 Million by mid-2019. With Saudi Arabia guaranteeing to idle whatever it take to keep WTI over $65 and maybe hitting the $80 mark Goldman Sachs forecasted its full speed ahead with no bumps in the road. Great News for the USA!
  • J on February 14 2018 said:
    Ya well I hope shale kicks your rippoff asses you can thrives
  • Mel on February 15 2018 said:
    Just produce nothing and eat dirt.... Without Saudi Arabia, other countries take over easily... There are way to much oil everywhere....

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