As the global crude oil price is dropping the oil-producing countries had decided to cut the output. Saudi Arabian Energy Minister told that the oil-producing countries had taken a decision to cut daily output by one million barrel per day to rebalance the market.
“The technical analysis we reviewed yesterday shows that we need a reduction approaching one million barrel per day to balance the market,” Khalid al-Falih told an energy conference in Abu Dhabi.
Falih said Saudi Arabia, the world’s largest oil supplier, will cut its production by 500,000 barrel per day as of next month to help stabilize the market.
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