Saudi Arabia to cut December oil exports by 500000 bpd
12 November, 2018, 13:15 | Author: Brooke Harris
During a meeting in Baghdad, Iraq and Saudi Arabia'soil ministers also discussed an electricity grid connection between the two countries to meet Iraq's power needs, he said.
The announcement came after crude prices declined by around 20 percent over a month, as supply has surged, especially by the top-three producers USA, Russia and Saudi Arabia.
The UAE's energy minister, Suhail al-Mazrouei, said balancing the market would "require changes in the strategy" of producers.
Falih told reporters ahead of the meeting that Saudi Arabia's "crude exports for December will be 500,000 bpd lower than November".
But producers ended up cutting more - partly due to unexpected outages in Venezuela, Libya and Angola - and so agreed in June to limit cuts to the agreed level, meaning restoring about 1 million bpd in output.
Brent crude dropped below $70 a barrel on Friday for the first time since April while the New York's West Texas Intermediate (WTI) sank below $60 a barrel, a nine-month low.
The meeting of the Joint Ministerial Monitoring Committee in Abu Dhabi will not take decisions, ministers said, but will propose recommendations for a crucial ministerial meeting in Vienna early in December.
Declines extended after the U.S. said on Monday it would allow eight countries to continue buying sanctioned Iranian crude, the Wall Street Journal reported.
In a final statement, they said they had "reviewed current oil supply and demand fundamentals and noted that 2019 prospects point to higher supply growth than global requirements".
Cailin Birch, analyst at the Economist Intelligence Unit, said a slowing oil demand is beginning to appear in China, the world's largest importer of crude oil.
Since then, OPEC production has risen 820,000 bpd since May, according to the latest S&P Global Platts OPEC survey.
"We want to enter 2019 with a minimum amount of stocks", Falih said.
"Saudi Arabia has stepped in front of the oil market bears, proactively announcing they will reduce exports", said Stephen Innes, head of trading for Asia/Pacific at futures brokerage in Oanda in Singapore.
"The recent drop in oil prices reflects a combination of factors".
There have also been signs of a softer-than-expected impact from United States sanctions on Iranian oil exports.
Commerzbank, Germany's second-largest lender, said Friday that oil producers must act to prevent prices tumbling.
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