Nasser added that the state-run oil giant, who has promised to unleash a total of 12.3 million barrels per day on the oil market, was “very comfortable” with $30 oil.
Saudi Arabia is planning on drawing an extra 300,000 barrels per day out of its bloated storage to meet its promised exports in April, and claims it could keep its level of 12 million bpd of output for a year without any increased in spending.
Aramco cut its spending by anywhere from $2.8 billion to $7.8 billion this year compared to last year, given today’s low prices and market volatility. Aramco today reported a profit of $88.2 billion for 2019, down from $111.1 billion in 2018.
Also on Monday, Aramco recommitted to meeting its very healthy $75 billion dividend for 2020. Saudi Arabia has lowered its official selling price for April, while analysts continue to revise downward their oil demand forecasts for the remainder of 2020.