Riyadh has agreed to cut crude output by 486,000 barrels a day.
Riyadh has agreed to cut crude output by 486,000 barrels a day.

Saudi Oil Output at 22-Month Low

Saudi Oil Output at 22-Month Low

Saudi Arabia has reduced oil production to less than 10 million barrels a day, below its targeted level, and will consider renewing its pledge to cut crude output in six months, Energy Minister Khalid Al-Falih said.
The world’s biggest oil exporter is currently producing at a 22-month low. It had agreed to cut 486,000 barrels a day to 10.058 million barrels a day as part of a global deal to reduce output to curb a supply glut, Bloomberg reported.
The caps on production, together with rising demand and natural decreases in output in some countries, will help balance the market and support prices, Al-Falih said in a speech at an energy conference in Abu Dhabi.
“Oil production now is below 10 million so far,” he told reporters. “So, we are going the extra mile to lead our colleagues within and outside of OPEC to make sure that the market sees that there’s serious action in place.”
Saudi Arabia is due to meet fellow members of the Organization of Petroleum Exporting Countries in May at their bi-annual meeting in Vienna to assess the market and the group’s production policy. OPEC states will also gather with major producers outside the group later this month in the Austrian capital to monitor their compliance with the production cuts, which aim at shoring up prices.
"We have been moving toward a rebalanced market for some time—too slowly to my liking,” Al-Falih said. “The pace of rebalancing will be accelerated due to the recent agreements within OPEC and with our party from outside” the group.

Short URL : https://goo.gl/O7pBTJ
  1. https://goo.gl/TTRhcy
  • https://goo.gl/N4jzXE
  • https://goo.gl/86aXrn
  • https://goo.gl/QbWwDk
  • https://goo.gl/nrovlG

You can also read ...

Sweden Approves Nord Stream 2 Pipeline
While Denmark is yet to give permission for the Nord Stream 2...
Chinese Tariffs Will Crimp American Shale Production
China’s proposed tariffs on US petroleum imports, part of a...
India Sees $55-60 Oil Price Reasonable
India, the world’s third-largest oil consumer, expects a...
NIOC Plans to Increase Oilfield Capacity
National Iranian Oil Company plans to increase the production...
OPEC reached an agreement with Russia in 2016 to keep 1.8 million bpd off the market.
Oil Minister Bijan Namdar Zanganeh rejected leaving the 2016...
Sixfold Rise in Zanjan Petrochem Plant Capital
Zanjan Petrochemical Complex’s registered capital has...
Renewable Power Plants' Dues Settled in Full
The state-run Renewable Energy Organization of Iran, aka SUNA...

Add new comment

Read our comment policy before posting your viewpoints