Saudi Arabia tells oil buyers of cuts

SINGAPORE: Saudi Arabia has told its US and European customers it will reduce oil deliveries from January as Russia signalled that a commitment from non-Opec producers to join Opec’s output limits still faced challenges.

Opec will meet non-Opec producing countries in Vienna on Saturday, hoping non-Opec will commit to cutting 600,000 barrels per day after its own members agreed to cut 1.2 million bpd last week.

So far only Russia and Oman have pledged cuts, with one Opec source saying Mexico could also contribute. In contrast, Kazakhstan plans to boost output in 2017 as it launches the long-delayed Kashagan project. — Reuters