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Monday, 13 February 2017

Saudi Arabia Tells OPEC It Cut Oil Output by Most in 8 Years - Bloomberg

Saudi Arabia Tells OPEC It Cut Oil Output by Most in 8 Years - Bloomberg:

"Saudi Arabia told OPEC that it cut oil production by the most in more than eight years, going beyond its obligations under a deal to balance world markets.

The kingdom reported that it reduced output by 717,600 barrels a day last month to 9.748 million a day, according to a monthly report from the Organization of Petroleum Exporting Countries. The group’s own analysts, who compile data from external sources, estimated that Saudi Arabia made a smaller 496,000 barrel-a-day cut -- in line with last year’s supply agreement."



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