Saudis Pledge Even Deeper Oil Cuts in February Under OPEC+ Deal - Bloomberg

Saudis Pledge Even Deeper Oil Cuts in February Under OPEC+ Deal - Bloomberg:

Saudi Arabia expects to reduce oil output once again in February and pump for six months at levels “well below” the production limit it accepted under OPEC’s oil-cuts accord, Energy Minister Khalid Al-Falih said.

The world’s biggest exporter targeted production of 10.2 million barrels a day in January and is aiming to pump about 10.1 million in February, he said. Saudi Arabia’s voluntary limit under the December cuts deal with Russia and other producers was 10.33 million barrels a day.

“Saudi Arabia will be well below the voluntary cap that we agreed to” and will pump beneath its ceiling “for the full six months” of the December cuts accord, he said in a Bloomberg Television interview in Riyadh.