Saudi Arabia set to keep crude exports below 7 mbd in March

Saudi Arabia will maintain its crude exports below 7 million barrels per day (mbd) in March despite a maintenance shutdown of its 400,000 bpd SAMREF refinery, Reuters reported on Wednesday, citing a statement from the energy ministry.

The largest oil exporter's oil output in March would be 100,000 bpd below February’s level.

The move comes despite lower domestic need for oil as the Kingdom is pushing to end the global oil glut and mitigate concerns about a new cycle of lower oil prices.

"Saudi Arabia remains focused on working down excess oil inventories," a ministry spokesman said in a statement.

"Market volatility is a common concern for producers and consumers, and the Kingdom is committed to mitigating this volatility and moderating its negative impacts by responsibly meeting its pledges" under an OPEC-led supply cut deal, he added.

Saudi Arabia's Energy Minister Khalid Al-Falih said in an industry conference in Riyadh that he was sure that cooperation between OPEC and its non-OPEC allies will continue to stabilize the market.

Last month, Saudi Arabia called for extending co-operation between the oil cartel and non-OPEC producers beyond 2018, after a deal to throttle output succeeded in shoring up prices.