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Saudi crude output to fall to 9.8 million bpd in March: Falih

Reuters  |  LONDON 

(Reuters) - plans to produce around 9.8 million barrels per day of in March, over half a million bpd below its pledged production level under a global supply-cutting deal, told

Exports would fall in March to 6.9 million bpd, according to the article published on Tuesday.

The March production figure means Saudi would be voluntarily cutting output by more than 500,000 bpd below its pledged production level under a deal between the Organization of the Petroleum Exporting and allies led by

Under the deal reached in December and which came into effect at the start of the year, Saudi Arabia's target production is 10.311 million bpd.

The boosted Brent crude prices by more than 2 percent to nearly $63 a barrel.

Production in March would be 1.2 million bpd lower than Saudi Arabia's November output, which was an all-time high.

In the interview, Falih addressed a U.S. bill that might expose OPEC to antitrust lawsuits, saying the legislation could be "harmful" to the global economy, and expressed his hope that the would "do the right thing".

He said if were unable to balance the market by adjusting production, the world would suffer "irreparably".

A committee approved the bill known as No Producing and Exporting Cartels Act, or NOPEC, last week.

(Reporting by and Alex Lawler; Editing by and Dale Hudson)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, February 12 2019. 18:12 IST