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RIYAD – Saudi Arabia plans to maintain crude oil exports at less than 7 million barrels a day in August and September, despite strong customer demand to help reduce global crude inventories and rebalance, said Thursday a Saudi oil official. At the market.
Saudi Aramco's oil allocation, a state-owned company, as well as Saudi refinery and customer purchase orders, was raised in September, said the official, a sign of strong global demand for oil. .
He pointed out that the kingdom will keep its oil production below 10 million barrels a day and its exports to less than 7 million barrels a day this month and the next.
"If we meet the September demand, we will produce about 10.3 million barrels a day because demand is very strong, but we have decided to keep production and exports stable and reduce customer orders by 700,000 barrels. per day."
The production objective of Saudi Arabia under a production reduction agreement between the Organization of the Petroleum Exporting Countries (OPEC) and its OPEC + group allies is 10.3 million barrels a day.
OPEC and its allies led by Russia agreed in July to extend reductions in their oil production until March 2020 in order to support crude oil prices, while the global economy is expected to continue to grow. weakened and American production increased.
Saudi Arabia is committed to doing everything in its power to maintain the market equilibrium next year.
He pointed out that the fundamentals of the oil market are good, especially on the supply side, because of a strong commitment going beyond the demands of OPEC + and the expectations of the states Lower than previous estimates.
A Saudi oil source announced in late July that the kingdom's oil output fell to 9.6 million barrels a day in July 2019.
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