Saudi Arabia cut oil supplies

Саудовская Аравия сократит поставки нефти

The Saudis promised Putin to cut oil supplies

Riyadh hopes to stabilize the oil market.

Next month Saudi Arabia has decided to drastically reduce the supply of oil after the visit of king Salman bin Abdul Aziz al Saud to Moscow, where he met with Russian President Vladimir Putin. It is reported Bloomberg, citing the Ministry of energy of the Kingdom.

It is noted that, state oil monopoly Saudi Aramco will reduce in next month’s oil exports by 560 thousand barrels of oil per day to lower global oil reserves and to stimulate demand. At the moment Riyadh supplies about 7.7 million barrels per day, the reduction will reduce these amounts to 7.15 million.

The Saudis also hope that their example will be followed by other members of OPEC that will consolidate the already achieved agreement results.

As reported, the price of oil on the market in recent years show a negative trend. One of the factors is hurricane Nate, raging in the Gulf of Mexico.