Global oil supply cut equals over 19 mln barrels per day: Saudi Energy Minister

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Saudi Arabia's energy minister said on Monday that effective global oil supply cuts would amount to about 19.5 million barrels per day taking into account the reduction pact agreed by OPEC+, pledges by other G20 nations and oil purchases into reserves.

Prince Abdulaziz bin Salman told reporters via a conference call that G20 nations outside of the OPEC+ alliance had pledged to cut about 3.7 million bpd of oil supply, while oil purchases into reserves (SPRs) were seen at 200 million barrels over the next couple of months, according to the IEA.

Prince Abdulaziz said the kingdom could cut oil output below its current quota of 8.5 million bpd if there was a need by market and if reductions were done collectively with others on a pro-rata basis.

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