Saudi Arabia to keep crude exports below 7 mln bpd in May

Saudi Arabia plans to keep its crude oil exports for May below 7 million barrels per day (bpd), the Saudi Energy Ministry said in a statement on Tuesday.

Allocations to international customers will be kept under 7 million bpd despite nominations coming in higher than the previous month as demand picks up seasonally, the statement said.

The Kingdom’s oil production in March stood at 9.91 million bpd, which is below the output target under the OPEC supply cut agreement aiming to reduce the global glut and boost prices, it added.