Saudi Arabia Energy Ministry: Planning to increase oil exports from May by about 600,000 bpd

Saudi Arabia is planning to increase crude oil exports starting from May by about 600,000 barrels per day (bpd) to bring the total to 10.6 million bpd, an official for the Saudi Arabia Energy Ministry said on Monday, per Reuters.

"The increase in exports is due to displacing crude with natural gas and drop in local demand," the official further explained.

Market reaction

Crude oil prices extended the daily decline following these comments. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $20.35, down 6.7% on a daily basis.