Saudi Arabia has promised to do “whatever it takes” to end the global oil glut. If it cuts supplies in November by as much as it pledges, the kingdom will reduce production and exports alike by more or less a million barrels a day compared with last year.
The country’s customers told the state oil company, known formally as Saudi Arabian Oil Co., that they wanted more than 7.7 million barrels of crude a day. The producer told them they could only have 7.15 million barrels a day.
Customers will have to look elsewhere for the 560,000 barrels of crude a day that they asked for but won’t be getting from the Saudis. They could ask fellow OPEC members Ecuador or Qatar, but buyers would need pretty much all the oil that either country produces — if it were even available — to make up for the shortfall in Saudi sales.
Source Credit: Bloomberg
Read full story: https://bloom.bg/2hA2tQp