Latest Oil News: Saudi Aramco Starts Cuts for OPEC+ Target - Bloomberg:
Saudi Aramco began reducing oil production earlier this week ahead of the May 1 start date for OPEC+ output cuts, according to a Saudi industry official familiar with the matter.
Aramco has begun to curtail production from about 12 million barrels a day to achieve the agreed level of 8.5 million barrels a day, the person said, asking not to be named discussing private information. The country joins fellow OPEC members Kuwait, Algeria and Nigeria in kicking off cuts early.
The Organization of Petroleum Exporting Countries and its allies -- 23 nations in all -- agreed this month to slash global supply by 10% in an effort to balance a market roiled by the coronavirus crisis. Although the cutbacks will amount to an unprecedented 9.7 million barrels a day, crude prices have continued to slide as worldwide lockdowns wipe out demand.
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