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Saudi Arab to cut oil output by extra 200,000 bpd under new deal - Mr Ghadhban

Gasoil News - Published on Mon, 10 Dec 2018

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Mr Thamir Ghadhban, Iraqi Oil Minister said that Saudi Arabia will reduce oil production under the new OPEC-non-OPEC agreement by additional 200,000 barrels per day as it has already cut output by 500,000 bpd. Participants of the OPEC-non-OPEC oil production cut deal agreed during a meeting in Vienna earlier in the day to reduce overall oil production by 1.2 billion barrels per day, with Saudi oil producers cutting the output by 500,000 bpd in order to stabilise prices on the market.

Saudi Energy Minister Mr Khalid Falih said at the OPEC ministerial conference in Vienna "In October, we produced 10.7 million barrels daily. The January numbers will be in the neighbourhood of 10.2 million barrels per day, so it will be less than in October by about 500,000 barrels."

However, prices on crude oil plummeted down to USD 60 per barrel in November following the decision of Saudi Arabia to raise crude production to an unprecedented 11.3 million barrels per day as Reuters reported on 27 November citing an industry source. Such raise was caused, among the other factors, by numerous requests of US President Donald Trump, who criticised the OPEC for high oil prices and urged Saudi Arabia to change the situation.

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Posted By : Joykumar Irom on Mon, 10 Dec 2018
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