EMEA News
Saudi Aramco to Hike Crude Supply to 12.3 Million B/D in April: CEO
Saudi Aramco plans a significant jump in the supply of crude to its customers in April, according to news agency Reuters, following the collapse of the OPEC+ coalition over the weekend.
The company will increase crude supply to its customers to 12.3 million b/d next month, Reuters reported Tuesday, citing comments from the company's CEO.
Total Saudi production was just 9.69 million b/d in February, according to the monthly OPEC survey from price reporting agency S&P Global Platts.
Saudi Aramco cites its current maximum sustainable production capacity at 12 million b/d, meaning the target for April will not be sustainable and will have to be supported by withdrawals from storage.
The increase in output will be healthy for the tanker market, with more oil cargoes on the water, as well as being positive for the shipping industry more generally by holding down bunker prices.
