Saudis to cut oil exports by 120,000 bpd in December - Bloomberg
As per Bloomberg report, Saudi Arabia is planning to cut oil exports to all regions. Shipments will fall by 120,000 barrels per day (bpd), Saudi Energy Ministry said. Also, exports to the US will fall by 10 percent in December.
The Saudi's move would help OPEC nations and other major producers like Russia continue with their efforts to rebalance the market.
The producers will meet on Nov. 30 in Vienna to discuss the extension of the global output cut deal. Fears on the rise that rising prices may lead to drop in compliance rate.