Saudi Aramco will provide its customers with 8.5 million barrels of crude oil per day starting on May 1, the company said in a statement on Friday to Tadawul Stock Exchange, where it is listed.
The cut is almost 4 million a day below planned sales in April.
In March, the state oil giant had said it would be raising its output in April to a record 12.3 million bpd in a fight for market share with Russia that has hammered oil prices, as lockdowns aimed at containing the coronavirus cause the biggest demand slump in history.
Aramco’s latest move follows a historic deal reached by the Organisation of the Petroleum Exporting Countries (Opec) and its allies, on April 12.
The 23-nation Opec+ coalition agreed to slash production by an unprecedented 9.7 million bpd – or about 10 per cent of global supply – from May to the end of June.
Brent crude prices have dropped by almost 70 per cent from highs of $68.71 per barrel in January to $22.71 at the end of last month. Prices hit a fresh 18-year low below $19 a barrel on Friday.
Meanwhile, Saudi Arabia and Russia signalled they may be open to further output cuts as the deal failed to stem crude’s downward spiral.
The two nations will “continue to closely monitor the oil market and are prepared to take further measures jointly with Opec+ and other producers if these are deemed necessary," Russian Energy Minister Alexander Novak and his Saudi counterpart Prince Abdulaziz bin Salman said in a joint statement on Friday published after a phone call.
Opec projected on Thursday that even full implementation of the cuts will not prevent a surplus in the second quarter. Earlier this month the Opec Secretary General Mohammed Barkindo said demand for the second quarter alone is expected to contract by 12 million bpd.
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
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TCL INFO
Teams:
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
When December 14-17
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
