Saudi Arabia plans to produce around 9.8 million barrels per day (MMbbl/d) of oil in March, Energy Minister Khalid al-Falih told the Financial Times.

Exports would fall in March to 6.9 MMbbl/d, according to the Financial Times article published on Feb.12.

The March production figure means Saudi would be cutting output by more than 500,000 bbl/dbelow its pledged production level under an OPEC-led deal to curtail production which came into effect at the start of 2019.

Under the deal reached in December, Saudi Arabia's target production is 10.311 MMbbl/d.

Production in March would also be 1.2 MMbbl/d lower than November output, which was an all-time high.