As the largest OPEC producer, Saudi Arabia holds the greatest stake in any output decision and was responsible for unilaterally increasing supplies to try to calm the market when oil prices were racing higher.
Author: Ksenia Kochneva
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Saudi Arabia to Cut Oil Output Earlier than OPEC
The biggest customers of top oil exporter are informed of significant decrease in oil output in January
Arabian Business News reported the cut from Saudi Arabia would be enough to take the kingdom's output below its implied OPEC target of 8.47 million barrels per day (bpd). Saudi Arabia pumped 8.92 million bpd in November, according to a survey by newswire Reuters.
"There are quite severe cuts - they are going to be seriously cutting back," a trader with one major customer said.
Saudi officials have yet to comment publicly.
As the largest OPEC producer, Saudi Arabia holds the greatest stake in any output decision and was responsible for unilaterally increasing supplies to try to calm the market when oil prices were racing higher.
Author: Ksenia Kochneva
As the largest OPEC producer, Saudi Arabia holds the greatest stake in any output decision and was responsible for unilaterally increasing supplies to try to calm the market when oil prices were racing higher.
Author: Ksenia Kochneva
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