Saudi pledges deep cuts to August oil exports
London, UK - Saudi Arabia said it would make deep cuts to its crude exports in August and encourage better compliance with supply reductions from other producers.
Saudi Arabia, OPEC’s largest producer, will limit exports to 6.6mn barrels a day in August, 1mn lower than year earlier, Minister of Energy and Industry Khalid al Falih said after a meeting with fellow producers on Monday. The nations gathering in St Petersburg, Russia, made no major changes to their wider supply agreement, stopping short of capping output of Libya and Nigeria. ‘Some countries continue to lag’ in their compliance ‘ which is a concern we must address head on’, Falih said before the meeting ended.
Brent crude for September settlement was 46 cents higher at US$48.52 a barrel on Monday.