Saudi Arabia, the world’s largest crude exporter, reduced oil production and supplies to the market in September, according to the Gulf Oil Review.
The kingdom trimmed its daily crude output to 9.724 million barrels from 9.753 million in August, data from Gulf Oil Review, a report published by Winchester, U.K.-based Petroleum Policy Intelligence founded by Bill Farren-Price, released today show. Supplies to the market dropped to 9.777 million barrels from 9.835 million.
In contrast, the Organization of Petroleum Exporting Countries said that the kingdom increased supply to 9.85 million barrels a day last month, from 9.81 million in August, according to its secretariat’s Monthly Oil Market Report published today, citing secondary sources. Saudi Arabia estimated its output at 9.72 million in direct communication with OPEC.
Saudi Arabia raised its production above 10 million barrels a day this year, the highest in at least three decades, as it sought to lower prices. Oil Minister Ali al-Naimi told reporters in Riyadh yesterday that Brent crude is “still high” and the kingdom along with other Persian Gulf Arab producers will “work toward moderating the price.” Brent traded at $114.39 a barrel as of 1:32 p.m. London time on the ICE Futures Europe exchange.