Saudi pledges deep cuts to August oil ex­ports

Muscat Daily - - BUSINESS -

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.

Newspapers in English

Newspapers from Oman

© PressReader. All rights reserved.