Saudi oil giant Aramco said Friday it would market 8.5 million barrels per day (bpd) of crude from May under a producers’ agreement to restrict supply and boost plummeting prices.
The deal came after a price war between Riyadh and Russia saw the kingdom boost supplies to records of over 18 million bpd earlier this month.
In a brief statement on the website of the Saudi bourse, the firm said Friday it would make available 8.5 million bpd, without clarifying whether or how this would be split between exports and domestic supply.
Global oil prices have collapsed amid economic turmoil due to the novel coronavirus pandemic, along with a supply glut and the Saudi-Russian price war.
