Bloomberg: Saudi Oil Keeps Flooding Market With Output Pact Yet to Begin
(Bloomberg) -- Saudi Arabia and other Gulf suppliers may have agreed to cut oil production again starting next month, but by all indications the taps are set to remain wide open until then -- swelling stockpiles for at least a few more weeks.
The kingdom’s crude exports during the first two weeks of April were around 9.3 million barrels a day, according to tanker-tracking data compiled by Bloomberg. That compares with 6.8 million barrels a day during the same period in March.
State-owned oil company Saudi Aramco pledged to boost output to 12.3 million barrels a day in April as it slashed prices in a battle for market share, following the collapse of the three-year old OPEC+ pact last month. As the coronavirus spread across the globe, governments imposed restrictions on movement and demand declined further, as did prices.
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Update: Oil Falls As Saudi Arabia Launches New Price War With Record Discounts (OilPrice.com/Zerohedge)
WNU Editor: The Saudis talk about production cuts .... Saudi Arabian Minister Says Oil Output Cuts May Reach 20 Million Barrels Per Day – Reports (Sputnik), but are doing the opposite with these oil production increases and deep price discounts. So much for this agreement .... OPEC+ Nations Including Mexico Have Reached An Agreement On Oil Production Cuts (April 12, 2020).
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