The Kingdom of Saudi Arabia assures the market that it is committed and determined to stabilizing the global oil market by working closely with all other participating OPEC and non-OPEC producers. A statement issued here this evening by the Ministry of Energy, Industry and Mineral Resources said that the pivotal role that Saudi Arabia played in reaching the historic agreements of 30 November and 10 December, in 2016, and its reduced market supply in January and February are clear evidences of its commitment. The statement cited Saudi Arabia's responsible behavior in February, when its crude supply to the market was 9.90 million barrels per day, against 9.99 million barrels per day in January, which represents a decline of 90MBDs, month on month. The difference between what the market observes as production, and the actual supply levels in any given month, is due to operational factors that are influenced by storage adjustments and other month to month variables, the statement concluded.
