Saudi Arabia to slash Oil exports after price slide
Commodity Online | January 10 2019
UPDATED 11:20:44 IST

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Saudi Arabia, the largest oil producer within OPEC and the world's largest oil exporter, will slash its oil exports in January by 10 per cent compared to November, its energy ministry said as producers move to shore up tumbling prices.

The ministry said the kingdom, the world's top crude supplier, would cut its exports to 7.2 million barrels per day in January, down from 8.0 million bpd in November.

The ministry also announced a further 100,000 bpd cut in February.

OPEC and its allies decided last month to cut their overall output by 1.2 million bpd starting in January, to boost prices hit by a supply glut and fears demand could plummet.

Saudi production had fallen to 10.2 million bpd, down from the roughly 11 million bpd it was pumping when oil producers decided to end a production cut deal in May.

 

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