Saudi Oil Output Drops Under OPEC Quota Close to Two-Year Low
- Oil minister says he may consider renewing cut in six months
- OPEC agreed with other producers to pare output from Jan. 1
Saudi's Deep Production Cuts Push Oil Price Higher
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Saudi Arabia has reduced oil production to less than 10 million barrels a day, below its targeted level, and will consider renewing its pledge to cut crude output in six months, Energy Minister Khalid Al-Falih said.
The world’s biggest oil exporter is currently producing at a 22-month low. It had agreed to cut 486,000 barrels a day to 10.058 million barrels a day as part of a global deal to reduce output to curb a supply glut. The caps on production, together with rising demand and natural decreases in output in some countries, will help balance the market and support prices, Al-Falih said in a speech at an energy conference in Abu Dhabi.