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Saudi to keep oil exports down 7m bpd in May – Ministry

Saudi to keep oil exports down 7m bpd in May – Ministry
Allocations to overseas clients will be kept below 7 million bpd

Riyadh – Mubasher: Saudi Arabia plans to remain its crude oil exports in May below 7 million barrels per day (bpd), the Ministry of Energy, Industry and Mineral Resources stated.

Allocations to overseas clients will be kept below 7 million bpd, despite nominations are higher than the previous months on the back of rising seasonal demand, Reuters reported, citing the ministry as saying.

The world's largest oil producer reported that its oil output in March hit 9.91 million bpd, which came below its target production of 10.058 million bpd under the international supply cut deal.

The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers led by Russia had previously agreed to maintain oil output cuts until the end of 2018 in a bid to trim global stockpiles and raise oil prices.