Saudi Arabia, the world’s largest oil exporter, reduced its crude production in December by 4.9 percent to the lowest in 19 months, according to a Gulf official with knowledge of the kingdom’s energy policy.
The cut of 465,000 barrels a day to 9.025 million is the largest monthly drop since November 2008, when the kingdom and other members of the Organization of Petroleum Exporting Countries slashed supplies amid a global recession. Saudi Arabia shipped 9.151 million barrels last month, drawing the extra oil from inventories, the official said, asking not to be identified because the information is confidential.
Brent crude futures today advanced as much as $1.53, or 1.4 percent, to a three-month high of $113.29 a barrel on the London-based ICE Futures Europe exchange. Banks and consultants including Societe Generale SA, the Centre for Global Energy Studies and Jadwa Investment Co. have said OPEC needs to trim production to prevent global markets from being oversupplied amid booming U.S. output and rebounding output from Iraq.
Saudi Arabia Said to Cut December Oil Output to 19-Month Low
No comments:
Post a Comment