Aramco Pumps Least Crude Since 2011 as Virus Saps Demand: Chart
(Bloomberg) -- Saudi Aramco’s crude production slumped 7% to 9.2 million barrels a day last year, the lowest daily average that the world’s biggest oil company has recorded since 2011. As the coronavirus slashed demand, Saudi Arabia took the reins of the global market, leading the OPEC+ group in making the deepest-ever output cuts, collectively taking about 10% of supply off the market. Aramco’s output, still huge with the company producing nearly a tenth of global supply, would have been even lower but for a brief supply war that saw output surge to a record 12.1 million barrels a day in April.
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