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UPDATE 1-Saudi Arabia to cut crude exports by 120,000 bpd in Dec
November 9, 2017 / 4:32 PM / a month ago

UPDATE 1-Saudi Arabia to cut crude exports by 120,000 bpd in Dec

(Adds details)

DUBAI, Nov 9 (Reuters) - Saudi Arabia plans to cut crude exports by 120,000 barrels per day (bpd) in December from November, reducing allocations to all regions, a spokesman for the energy ministry told Reuters on Thursday.

Crude exports to the United States will be more than 10 percent lower than November levels, he said.

The world’s top oil exporter said it planned to ship slightly more than 7 million bpd this month, up from low levels during summer when domestic demand was at its peak.

Seasonal drops in domestic crude demand free up more oil for export during the winter months.

The Organization of the Petroleum Exporting Countries, along with other non-member oil producers led by Russia, agreed to cut output by around 1.8 million bpd from Jan. 1 this year until March 2018.

OPEC is seeking to achieve consensus among the participating countries ahead of its next meeting in Vienna on Nov. 30 on how long to extend the deal beyond March. (Reporting by Rania El Gamal Writing by Ahmad Ghaddar; Editing by David Evans and Mark Potter)

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