Saudi to cut oil exports by 500,000 barrels per day in December

12 Novembre, 2018, 08:25 | Auteur: Auguste Feret

"Many of us share this view", the minister said when asked about the need for a cut.

They would therefore consider "options on new 2019 production adjustments, which may require new strategies to balance the market", they said in a statement at the end of the meeting. Oman is also not a member of the Organization of the Petroleum Exporting Countries.

Saudi Arabia plans to reduce oil supply to world markets by 0.5 million barrels per day in December, its energy minister said on Sunday, as the OPEC power faces uncertain prospects in its attempts to persuade other producers to agree a coordinated output cut. Articles appear on euronews.com for a limited time.

Falih told reporters ahead of the meeting that Saudi Arabia's "crude exports for December will be 500,000 bpd lower than November".

A big concern for Saudi Arabia and other traditional producers from the Middle East dominated Organization of the Petroleum Exporting Countries (OPEC) is the surge in USA output.

While Riyadh has made a decision to lower production, the rest of the attendees did not come to a consensus on the matter, according to Falih.

"We have to study all the factors", Falih said.

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US West Texas Intermediate (WTI) crude oil futures were at $60.73 per barrel, up 54 cents, or 0.9 percent from their last settlement. "We have our meeting later".

He said the market sentiment has shifted from one of fearing shortages to one anxious about oversupply.

He also attributed the sharp drop in prices to "microeconomic uncertainties", and signs of a build-up in crude inventories.

There have also been signs of a softer-than-expected impact from USA sanctions on Iranian oil exports.

"Prices have been falling amid a continued rise in crude supplies from big producers, such as Saudi Arabia, Russia and the U.S., more than compensating for lost Iranian barrels", Forex.com analyst Fawad Razaqzada told AFP.

But producers eased output cuts in June after signs of a tighter market and higher prices, selling hundreds of thousands of extra barrels.

Commerzbank, Germany's second-largest lender, said Friday oil producers must act to prevent a free fall of prices.

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