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Saudi Arabia cuts oil output by about 400,000 bpd in January: sources

Reuters  |  DUBAI/LONDON 

DUBAI/(Reuters) - Saudi Arabia, the world's top oil exporter, cut its crude output in January by about 400,000 barrels per day (bpd), two sources said, as the kingdom follows through on its pledge to reduce production to prevent a supply glut.

told that the kingdom pumped 10.24 million bpd in January, the sources said. That's down from 10.643 million bpd in December, representing a cut that was 70,000 bpd deeper than targeted under the OPEC-led pact to balance the market and support prices.

The Organisation of the Petroleum Exporting Countries, and other non-producers - an alliance known as OPEC+ - agreed in December to reduce supply by 1.2 million bpd from Jan. 1.

The agreement stipulated that should cut output to 10.311 million bpd, but minister has said it will exceed the required reduction to demonstrate its commitment.

Falih last month said that would export 7.1 million bpd in February, down from 7.2 million bpd in January.

(Reporting by and Alex Lawler; Editing by David Goodman)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 07 2019. 21:41 IST
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