Saudis Are Said to Extend Deep Oil-Output Cuts Into April - Bloomberg

Saudis Are Said to Extend Deep Oil-Output Cuts Into April - Bloomberg:

Saudi Arabia will supply its clients with significantly less oil than they requested in April, extending deeper-than-agreed production cuts into a second month, a Saudi official familiar with the policy said.

The move is the latest sign Riyadh is determined to regain control of the oil market as prices remain well below the level that many OPEC members need to cover their government spending.  

Saudi Arabia plans to produce well below 10 million barrels a day in April, a similar pace to March, when it cut output by 500,000 barrels a day from February, the same official said, asking not to be named discussing internal deliberations. Last year, Riyadh agreed with OPEC and its partners, including Russia, to cap production at 10.31 million barrels a day.