Saudi Arabia to cut oil output

Manufacturing News, Source : The Manufacturer US
Zone : Energy business
Published : 31 Jan 2007 14:45

The Kingdom of Saudi Arabia is planning a 158,000 BPD cut in oil production, effective February 1.

This just three weeks after Saudi Arabia expressed its doubts as to the necessity of further cuts. Likely, the country felt pressure from OPEC partners to support their plan to reduce inventory, which swelled in 2006 due to reduced demand. A senior Saudi official estimated that the country has reduced production by a million BPD since summer 2006.

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