Saudis Cut Production as Brent Slips Below $100 a Barrel
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Saudi Arabia, the world’s biggest crude exporter, said it cut production by 408,000 barrels a day last month amid signs of a supply glut and Brent oil trading below $100 a barrel.
The Saudi reduction came as other members such as Nigeria and Kuwait said they increased output in submissions to the Organization of Petroleum Exporting Countries, according to the group’s monthly oil market report yesterday. Total production by the 12-member group climbed by 231,000 barrels a day to 30.347 million last month, based on secondary sources, the report showed.