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Thursday, 5 January 2017

Saudi Aramco explores Feb oil supply cuts of 3-7 percent to meet OPEC target | Reuters

Saudi Aramco explores Feb oil supply cuts of 3-7 percent to meet OPEC target | Reuters:
"Saudi Aramco has started talks with customers globally to discuss possible cuts of 3 percent to 7 percent in February crude loadings to comply with OPEC production cuts, four sources with knowledge of the matter said on Thursday.

The Organization of the Petroleum Exporting Countries (OPEC) agreed in late November to cut production in the first half of 2017 to reduce global oversupply and prop up prices.

Under the deal, Saudi Arabia, the world's biggest oil exporter, agreed to cut output by 486,000 barrels per day (bpd), or 4.61 percent of its October output of 10.544 million bpd."

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