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 of 9.7 million bpd from the market in May and June. Last week, OPEC’s fourth-largest producer, Kuwait, said that it had already started to reduce crude oil supply to international markets, “sensing a responsibility responding to market conditions,” Kuwait’s Oil Minister Khaled Al-Fadhel told the official state Kuwait News Agency (KUNA). Oil production in Russia, the leader of the non-OPEC group of producers which also pledged […]