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FINANCIAL NEWS
Saudi Arabia to cut oil output to lowest in 2 years
14 Jan 2017
(MENAFN) Saudi energy minister has said that Saudi Arabia has cut oil output to its lowest in almost two years, as the world’s largest oil exporter leads OPEC’s drive to eradicate a global glut and prop up prices.
Khalid Al-Falih confirmed that output had fallen below 10 million barrels per day – more than it had promised as part of a global output cut deal between OPEC and non-OPEC producers, and Such levels were last seen in February 2015, when Riyadh began to steeply raise production to deal a blow to U.S. shale oil producers.
Additionally, he said output was “not significantly below” 10 million bpd currently and the Kingdom planned to make even deeper cuts in February.
M
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