ZCZC
BCN-20
WORLD-OIL-COMMODITIES-SAUDI-ENERGY-OPEC
Saudi minister calls for 1 mln bpd global oil output cut
ABU DHABI, Nov 12, 2018 (BSS/AFP) – Oil producing countries should cut
output by one million barrels per day to re-balance the market, Saudi
Arabia’s energy minister said Monday, following a drop in crude prices.
“The technical analysis we reviewed yesterday shows that we need a
reduction approaching one million bpd 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 bpd as of next month to help stabilise the market.
BSS/AFP/HR/1405