Saudi Arabia will reduce oil production

Саудовская Аравия снизит добычу нефти

The Saudis will produce half a million barrels a day less

The decline from December, it is necessary to stabilize the market. Since October, a barrel of crude oil lost a fifth of value.

The Kingdom of Saudi Arabia since December to reduce oil production. About it the Minister of energy Khaled bin Abdul Aziz al-Faleh announced on Monday, November 12, at the ADIPEC conference in Abu Dhabi.

According to the Minister, “technical analysis” indicated a required decrease in the amount of half a million barrels a day to “stabilize the market”.

On the eve of the members of the Organization of countries-exporters of oil (OPEC) and representatives are not members of the Union of States held a meeting in the framework of the conference.

The participants stated that the adjustment of oil production requires a “new strategy” because supply currently exceeds demand.

The conference in Abu Dhabi against the backdrop of the significant decline in oil prices. November 9, the price of a barrel of Brent crude fell below $ 70 for the first time since April.

Since October, a barrel of crude oil lost a fifth of value. Al-Faleh said the high reserves of oil and added that 25 exporting countries will not allow this situation to continue.

Source: Russian service of DW

 

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