Saudi Arabia Starts Production Cuts Ahead Of OPEC+ Deal

OPEC’s top producer and the world’s top oil exporter, Saudi Arabia, has already started cutting its oil production ahead of the official start of the new OPEC+ pact on May 1, Bloomberg reported over the weekend, citing an industry official with knowledge of the issue.   According to Bloomberg’s source, the Kingdom’s oil giant Aramco has begun cutting oil production from around 12 million bpd, aiming to reach the 8.5 million bpd quota under the OPEC+ production cut deal intended to remove a total…