Saudi Arabia will slash its oil exports in January by 10 percent compared to November, its energy minister said Wednesday as producers move to shore up tumbling prices.
Khalid al-Falih said the kingdom, the world’s top crude supplier, would cut its exports to 7.2 million barrels per day in January, down from 8.0 million bpd in November. He also announced a further 100,000 bpd cut in February.
OPEC and its allies decided last month to cut their overall output by 1.2 million bpd starting in January, to boost prices hit by a supply glut and fears demand could plummet.
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