Saudi Arabia's Oil Minister Khalid Al Falih is confident market will rebalance. Heinz-Peter Bader/Reuters
Saudi Arabia's Oil Minister Khalid Al Falih is confident market will rebalance. Heinz-Peter Bader/Reuters

Saudi Arabia will further cut oil production



Saudi Arabia said on Wednesday it will further trim oil production and exports next month to reduce excess stockpiles that have weighed on crude prices, as concerns mount over US oversupply.

Saudi Aramco's crude output in March will be 100,000 barrels per day below its February level while exports will be kept below seven million bpd, the energy ministry said.

"Saudi Arabia remains focused on working down excess oil inventories," a ministry spokesman said.

"Market volatility is a common concern for producers and consumers, and the kingdom is committed to mitigating this volatility and moderating its negative impacts."

Saudi Arabia, the world's top oil exporter, last month called for extending co-operation between Opec and non-Opec producers beyond 2018, after a deal to throttle output succeeded in shoring up prices.

Oil prices fell from above $110 per barrel in 2014 to around $30 at the start of 2016. But the market has seen a turnaround since and oil prices are now close to $70.

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Read more:

Rise in US shale output will not hamper Opec efforts to clear supply glut 

UAE, Saudi Arabia look at increasing crude and product supply to Asia

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However, oversupply remains a concern for the market.

Surging oil production in the United States is putting the brakes on crude prices, the International Energy Agency said on Tuesday.

Shale producers, particularly in the United States - who are not party to the deal - are ramping up output to cash in on rebounding crude prices.

Saudi energy minister Khalid Al Falih expressed confidence on Wednesday that co-operation between Opec and non-Opec allies will stabilise oil markets.

"I am confident that our high degree of cooperation and coordination will continue to bring the desired results," Mr al Falih told an industry conference in Riyadh.

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Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

Tips for taking the metro

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1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
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Company name: Blah

Started: 2018

Founder: Aliyah Al Abbar and Hend Al Marri

Based: Dubai

Industry: Technology and talent management

Initial investment: Dh20,000

Investors: Self-funded

Total customers: 40