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 ShaleDirectories.com News
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