Saudi Arabia to cut December oil exports by 500,000 bpd

Khalid Al-Falih

Abu Dhabi — Saudi Arabia said it will trim oil exports by 500,000 barrels per day in December, as major producers met Sunday to consider cuts to shore up sagging prices.

“The Kingdom’s crude exports for December will be 500,000 bpd lower than November,” Saudi Energy Minister Khalid Al-Falih told reporters at the meeting in Abu Dhabi.

The world›s top oil exporter has been pumping 10.7 million bpd since October, according to Falih.

Earlier Falih said oil-producing countries have not yet reached an agreement on cutting output.

“There is no consensus yet among oil producers about cutting production,” Saudi Energy Minister Khalid Al-Falih said at the meeting of their Joint Ministerial Monitoring Committee.

It was “premature to talk about a specific action”, he told reporters, asked about the possibility of an output cut to support sliding prices.

“We have to study all the factors,” Falih said.

Falih agreed in a meeting in Baghdad on Saturday on joint coordination with Iraq to achieve more stability in the oil market, Iraqi Oil Ministry spokesman Asim Jihad said.

The OPEC+ Joint Technical Committee, which met for talks ahead of Sunday’s meeting, has given a preliminary 104 percent compliance rate to its cuts deal in October, according to a delegate.

The International Energy Agency has repeatedly called for OPEC to open the taps to ensure global demand for crude is met. — Agencies