Saudi Arabia Tells OPEC It Cut Output 408,000 b/d in Aug.
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Saudi Arabia, the world’s biggest crude exporter, told OPEC that it cut production by 408,000 barrels a day in August, amid signs of a supply surplus that’s pushed prices to a 16-month low.
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 today. Total production by the 12-member group climbed 231,000 barrels to 30.347 million last month, based on secondary sources, the report showed.