Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, opined that global oil cuts will amount to 19.5 million barrels per day (mmbbl/d) with the OPEC+ cuts and G20 pledges, according to Reuters.   

OPEC and OPEC+ agreed on April 12 to a record cut of 9.7 mmbbl/d in output to prop up oil prices that could curb global oil supply by 20%.

Additionally, Prince Salman told reporters via a conference call that G20 nations outside the OPEC+ alliance had pledged to cut about 3.7 mmbbl/d of oil supply, whilst oil purchases into reserves (SPRs) were seen at 200 million barrels over the next couple of months.

With regards to Saudi Arabia, Prince Salman said that the Kingdom could cut oil output below its current quota of 8.5 mmbbl/d if there were a need by the market over the coming months.