Saudi Arabia continues to reduce oil production and exports


Saudi Arabia is actively reducing production and export of oil, because for balancing the country's budget it needs oil prices to reach $80 per barrel. To realize this goal, Saudi Aramco, the state-owned company, intends to reduce the supply of oil to its customers in April by 635,000 barrels per day, Reuters writes, citing a Saudi official. In March, its supplies will be reduced by 16% compared with November 2018, when the country fulfilled the requirements of the US president to increase production and exports. According to The Wall Street Journal, referring to sources in OPEC, in order to fulfill the budget of 2019 in terms of expenditures of $295 billion, Saudi Arabia needs to continue to reduce oil production and exports until oil prices stabilize at between 80 and 85 dollars per barrel.

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