Saudi says plans to cut oil exports

CAIRO: Saudi Arabia, the world’s top oil exporter, will cut its exports of crude oil in December by 500,000 barrels per day, the kingdom’s energy minister said on Sunday, in an apparent bid to shore up global prices. “The production of Saudi oil in November is higher than it was in October,” Khaled al Falih added, without giving specific figures, according to Saudi-owned broadcaster Al Arabiya. He was speaking in Abu Dhabi on the sidelines of a ministerial meeting of a committee overseeing oil production from major producers. In October, Saudi increased its oil production to about 10.7 million barrels per day (bpd), compared to 9.9 million bpd in May.

“The Opec may need to cut production because oil markets may witness an oversupply a new next year,” he said. “This is a potential option depending on the market need for this decision,” he added without elaborating, according to the report. His remarks come amid a drop in oil prices, rekindling fears of a renewed dramatic fall in prices reminiscent of the 2014 plunge. In recent months, US President Donald Trump has pushed oil producers to increase their production in order to keep prices down. Trump has called on Opec, a cartel of crude oil producers, to make up the difference.