"Saudi Arabia has cut crude oil production this year and will have to cut it further if it wants to prevent a significant drop in the global oil price, according to the latest Global Crude Oil Outlook from Energy Security Analysis Inc.
The Massachusetts-based consulting firm said Saudi Arabia, perhaps with help from Kuwait, Qatar and the United Arab Emirates, will need to drop production by a million barrels a day from 2012 levels to defend $100 Brent crude, the global benchmark oil price.
The prediction is in line with a report from the International Energy Agency, which said last week that most of the world’s new oil production over the next five years would come from outside OPEC."
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