Saudi Arabia reduced its oil production last month to the lowest since the beginning of 2017. The output production is considered below the level that was supposed to be maintained by Saudi Arabia as part of a global deal to decrease crude supplies, Bloomberg reported.
According to Finance Yahoo, Saudi Arabia which is considered the biggest producer in OPEC reduced its output by 111,000b/d in March to 9.9mb/d. production had increased in February to 10.011mb/d as the country restored its own storage tanks.
Saudi Arabia, Russia, and other countries are following the OPEC’s deal move to shorten production and end a three-year glut. Under the accord reached in December, Saudi Arabia promised to limit its output at 10.058mb/d.
The decline in production led Saudi Arabia to cut back shipments to the US. The American oil imports from the kingdom declined by 24% by the end of March. The recorded Shipments were 888,000b/d which is considered the lowest since the end of 2016.