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Saudi cuts August oil exports to lowest level to meet domestic demand

There is strong demand for our crude but we are sticking to Opec commitments: Saudi industry source

Reuters  |  Dubai 

Saudi Arabia will cut crude oil shipments to its customers in August by more than 600,000 barrels per day to balance the rise in domestic consumption during the summer, while staying within its OPEC production commitment, a Saudi industry source said. "There is strong demand for our crude but we are sticking to our OPEC commitments," the source, who is familiar with the kingdom's oil policy, said on Wednesday. "In order to meet its OPEC quota and meet its domestic demand during summer, Saudi Arabia has made big cuts in allocations internationally by more than ...

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First Published: Wed, July 12 2017. 14:07 IST
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