Friday , September 30 2022

Saudi Arabia will cut oil exports by 500,000 barrels



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Abu Dhabi: Saudi Arabia announced on Sunday that it would reduce its daily oil supply by 500,000 barrels compared to November, energy minister Khalid al-Faleh told reporters in Abu Dhabi.

"The kingdom will cut its exports in December to November," he said, adding that the kingdom produced 10.7 million barrels of oil per day in October.

Oil specialists hold a meeting in Abu Dhabi on Sunday to study the possibility of returning to declining gross output, while falling prices trigger fears of collapse as in 2014.

The oil price between rising output from major producers and concerns about falling demand fell by about twenty percent in a month after reaching a four-year high in early October.

The price of a Brent crude oil barrel on Friday to less than seventy dollars for the first time in April, while the price of a barrel of light oil to less than $ 60, marking a fall for the ninth consecutive month.

Despite signs of slowing demand, Saudi Arabia, Russia, Kuwait and Iraq have increased their crude oil production, just as the United States has increased its oil production.

Since December 2016, the Organization of the Petroleum Exporting Countries (OPEC), the largest of which is Saudi Arabia and other oil producers, other than the Organization of Petroleum Exporting Countries, have signed an agreement to reduce black gold production.

At the meeting of the joint ministerial commission to follow the agreement on Sunday, plans to discuss cutting production.

Riyadh increased production from 9.9 million barrels of oil per day in May to 10.7 million barrels in October, Saudi oil minister Khalid al-Falih said.

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