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Tuesday, 14 March 2017

Saudi Arabia Says It Has Reversed a Third of Its Production Cuts - Bloomberg

Saudi Arabia Says It Has Reversed a Third of Its Production Cuts - Bloomberg:

"Saudi Arabia told OPEC it raised output back above 10 million barrels a day in February, reversing about a third of the cuts it made the previous month. The most important business stories of the day.

The kingdom, which had curbed supplies more than it needed in January to lead the way in an accord to re-balance world markets, boosted production by 263,300 barrels a day to 10.011 million a day, according to a monthly report from OPEC on Tuesday. Still, the country placed extra crude into storage at domestic refineries and terminals rather than sending it to international markets, according to a person familiar with policy.

Even after the increase, Saudi Arabia’s data show it’s cutting output more than required under the terms of OPEC’s Nov. 30 agreement. Nevertheless, Energy Minister Khalid Al-Falih warned last week that the kingdom won’t indefinitely “bear the burden of free riders.” Russia, Iraq and the United Arab Emirates are yet to deliver all the curbs they promised."



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