Saudi Arabia is planning to keep its crude exports below 7 million barrels a day (b/d) in April, according to a statement released by the Energy Ministry.

The ministry also says that it is planning to keep production below 10 million b/d.

“Despite nominations coming in at 100,000 b/d, higher than the previous month, allocations were maintained on par with their March levels,” it says.

Saudi Arabia, the world’s biggest oil exporter, has been pumping below its Opec target since January and reducing its crude shipments, particularly to the US, as it turns its focus on cutting exports in an attempt to drain global oil stocks.

In November, Opec and its 12 non-Opec oil-producing allies agreed to extend their oil production cuts deal until the end of 2018.

Prior to the agreement, the existing deal to keep supply about 1.8 million b/d lower than normal would have expired this month.

Together, the 24 countries control 60 per cent of global production.