Saudi Aramco says to supply 8.5mln bpd from May

 Saudi oil giant Aramco said Friday it would market 8.5 million barrels per day (bpd) of crude from May under a producers' agreement to restrict supply and boost plummeting prices.

deal came after a price war between Riyh and Russia saw kingdom boost supplies to records of over 18 million bpd earlier this month.

In a brief statement on website of Saudi bourse, firm said Friday it would make available 8.5 million bpd, without clarifying wher or how this would be split between exports and domestic supply.

Global oil prices have collapsed amid ecomic turmoil due to vel coronavirus pandemic, along with a supply glut and Saudi-Russian price war.

But OPEC+ alliance of major producers, led by Riyh and Moscow, agreed Sunday to slash daily production by 9.7 million bpd over next two months.

According to deal, Saudi Arabia and Russia will cut 2.5 million bpd each from ir October 2018 production levels of 11 million bpd.

Saudi energy minister Prince Abdulaziz bin Salman was quoted by local media on Tuesday as saying that G20 producers outside OPEC+ have pledged to cut 3.7 million bpd.

Taken alongside OPEC+ pledges and strategic reserves purchases, this could reduce global supply by 19.5 million barrels per day, he said.