(MENAFN) Saudi Arabia has declared its plans to make an extra reduction for oil output and exports in the following month, in an attempt to shrink overload stockpiles that had an impact on crude prices.
The energy ministry has revealed Aramco's crude production to reach 100,000 barrels per day (bpd) during March, with exports to stay lower than seven million bpd.
A spokesman for the ministry explained "Saudi Arabia remains focused on working down excess oil inventories."
The spokesman continued "market volatility is a common concern for producers and consumers, and the kingdom is committed to mitigating this volatility and moderating its negative impacts."
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