According to a Saudi official cited by Bloomberg and Reuters
- Saudi Arabia plans to cut April crude oil exports to below 7 million bpd
- That comes despite strong demand
- Will keep oil production “well below” 10 million bpd
The headlines here is giving oil a bit more of a boost to session highs currently, with WTI up by nearly 1% now to $56.62. And it’s no surprise again that it is Saudi Arabia doing the heavy lifting here, though it remains to be seen if this will help convince other OPEC+ producers to stick to the current output cuts agreement.