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Saudi Aramco said it would maintain contract oil volumes to clients in Asia despite the recently agreed OPEC+ production cuts, despite the Organization of the Petroleum Exporting Countries and allies, including Russia (OPEC+), to lower their output target by 2 million barrels per day (BPD).
Saudi energy minister Abdulaziz bin Salman said the actual output reduction would be around 1 million-1.1 million BPD.
Most of the reduction will be implemented by Saudi Arabia, the U.A.E., and Kuwait, Reuters reported. Most of the extended alliance members are already producing below their targets.
Consultancy FGE expects the Saudi oil production target to fall by around 550,000 BPD in November from the previous month.
Aramco has also kept November crude prices for Asia largely unchanged against expectations of higher prices as it seeks to maintain market share in the region.
The White House responded to OPEC+’s historic reduction of oil, to which President Joe Biden said he is disappointed in the shortsighted decision by the coalition to cut production quotas in the current uncertain macro and geopolitical environment.
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