Monday, October 9, 2017

Global Energy Perspectives: Saudi Arabia Cuts Crude Allocation For November

Saudi Arabia said it will cut crude oil exports in November by 560,000 barrels per day as the country makes good on its pledge to help rein in a global supply glut, an oil ministry spokesman said on Oct. 9. The cut is in line with the kingdom's commitment to an OPEC-led supply reduction under which Riyadh is required to slash 486,000 bpd. "Despite very strong demand from international waterborne customers at more than 7.711 million bbl/d, they were allocated only 7.150 million bbl/d," the spokesman said in a statement.
Source: Daily Dose of News

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