Saudi to trim oil exports by 500,000 bpd in Dec to shore up sagging prices

The world's top oil exporter has been pumping 10.7 million bpd since October, said Saudi's Energy Minister Khalid al-Falih

Saudi Arabia said it will trim oil exports by 500,000 barrels per day in December, as major producers met Sunday to consider cuts to shore up sagging prices.

"The kingdom's crude exports for December will be 500,000 bpd lower than November," Saudi Energy Minister Khalid al-Falih told reporters at the meeting in Abu Dhabi.

The world's top oil exporter has been pumping 10.7 million bpd since October, according to Falih.

Saudi Arabia was discussing a proposal that could see OPEC and non-OPEC oil producers cut output by up to 1 million barrels per day, two sources told Reuters on Sunday, as the world's top oil exporter grapples with a drop in crude prices.

 

The sources said any such deal would depend on factors including the level of Iranian exports after the United States imposed sanctions on Tehran but granted Iran's top oil buyers waivers to continue buying oil.

Riyadh was surprised by the waivers granted to customers such as China and India, a move which hit oil prices, at least three industry and OPEC sources told Reuters.

Now Saudi Arabia wants to act to prevent a further slide in prices which fell below $70 a barrel on Friday, and is leading discussions on cutting oil output next year, the sources said.