Saudi Arabia to Target U.S. With Sharp Oil Export Cut, Sources Say
- Riyadh may lower exports to America close to a 30-year low
- Saudi export drop follows OPEC+ agreement to cut production
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After flooding the U.S. market in recent months, Saudi Arabia plans to slash exports to the world’s largest oil market in the coming weeks in an effort to dampen visible build-ups in crude inventories.
American-based oil refiners have been told to expect much lower shipments from the kingdom in January than in recent months following the OPEC agreement to reduce production, according to people briefed on the plans of state oil company Saudi Aramco.