Saudis to Make Deepest Cut to Crude Supply Despite Strong Demand
- Aramco plans to cut 560,000 barrels a day from November supply
- Kingdom urges producers to comply at “high levels” with limits
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Saudi Aramco plans to make “the deepest customer allocation cuts in its history” in oil supplies in November to help reduce global inventories and balance the market.
State-run Saudi Arabian Oil Co., known as Aramco, will make an “unprecedented” cut of 560,000 barrels a day in its allocations to customers next month, the Saudi energy ministry said in a statement. Aramco plans to supply 7.15 million barrels a day “despite very strong demand” that exceeds 7.7 million barrels a day, it said.