(Adds OPEC December production)
By Rania El Gamal
NEW YORK Jan 5 Saudi Arabia cut oil output in
January by at least 486,000 barrels per day (bpd) to 10.058
million bpd, fully implementing OPEC's agreement to reduce
output, according to a Gulf source familiar with Saudi oil
The Organization of the Petroleum Exporting Countries in
late November agreed to cuts that take effect in the first half
of 2017 to curb a global supply glut and prop up prices.
Under the deal, Saudi Arabia agreed to cut output by 486,000
bpd, or 4.61 percent of its October production of 10.544 million
OPEC agreed to output cuts as of Jan. 1 that would bring
production to 32.50 million bpd, in the first such decision
since 2008. In December, no production target was in effect.
Output from OPEC fell by 200,000 bpd in December, led by
Nigeria and Saudi Arabia, according to a Reuters survey
published on Thursday.
Saudi Aramco has started talks with customers globally on
possible cuts of 3 percent to 7 percent in February crude
loadings as it moves to implement the agreement on curbing
global oil output, sources said on Thursday.
(Reporting By Rania El Gamal; Writing by Jessica Resnick-Ault;
Editing by Franklin Paul and Richard Chang)