Foreign media reported on Friday (November 10) that Saudi energy minister said in an interview that the country plans to cut the crude oil export by 120000 barrels a day in December, This is an operation for all markets.
Saudi Energy Minister Falih said the oil exports of United States in December will drop 10% than in November. He pointed out that Saudi Arabia crude oil exports in November will be slightly higher than 7 million barrels / day, There is a recovery compared with the summer domestic oil peak. In general, the demand of domestic oil in Saudi Arabia will decline after arrives in winter, which will allow the country to export more residual crude oil.
The Organization of the Petroleum Exporting Countries (OPEC) led by Saudi Arabia will hold a meeting in Vienna on November 30, when it plans to extend the cut-off agreement. It is widely expected that cut-downs will be extended by the end of 2018.
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