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Saudis Pledge Deeper Oil Cuts in February Under OPEC+ Deal

  • Kingdom to pump oil at less than its limit for 6 months: Falih
  • Majority of Saudi export cuts to hit U.S.: Energy Minister
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Saudi Oil Production Will Be 'Well Below' Cap, Energy Min. Says
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Saudi Arabia expects to reduce oil output once again in February and pump for six months at levels “well below” the production limit it accepted under OPEC’s oil-cuts accord, Energy Minister Khalid Al-Falih said.

The world’s biggest exporter targeted production of 10.2 million barrels a day in January and is aiming to pump about 10.1 million in February, he said. Saudi Arabia’s voluntary limit under the December cuts deal with Russia and other producers was 10.33 million barrels a day.