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Saudi Arabia will preserve the oil output level at under 10 million barrels per day (BPD) in January and February. said Saudi Energy Minister Khalid Falih.
The official said this will be preserved as of today. January 22. at under 10 million barrels [per day]. I predict that it will be the same by the end of the month. In February. we will also inform our clients about significant cutbacks and that will keep us at the same level. Internal consumption may change by several thousand barrels a year. But I do not expect significant differences between January and February.
On December 10. 2016. OPEC finished a meeting with non-OPEC countries in Vienna. at which 11 non-OPEC producers decided to cut oil output by 558.000 barrels per day from January 2017. with Russia`s share totaling 300.000 barrels per day.
