Saudi Arabia said it will trim oil exports by 500,000 barrels per day in December, as major producers met Sunday to consider cuts to shore up sagging prices.
“The Kingdom’s crude exports for December will be 500,000 bpd lower than November,” Saudi Energy Minister Khalid Al-Falih told reporters at the meeting in Abu Dhabi.
The world’s top oil exporter has been pumping 10.7 million bpd since October, according to Falih. Falih agreed in a meeting in Baghdad on Saturday on joint coordination with Iraq to achieve more stability in the oil market, Iraqi Oil Ministry spokesman Asim Jihad said.
The International Energy Agency has repeatedly called for OPEC to open the taps to ensure global demand for crude is met.
Source Credit: Saudi Gazette