Saudi Arabia will reduce oil exports to oil regions as a further measure to end the global oil supply glut to boost barrel prices worldwide, according to a new report by Bloomberg.
In total, the Kingdom plans to reduce outbound shipments by 120,000 barrels per day in volume in December, the Energy Ministry said.
American buyers will receive a further 10 percent cut next month. The news comes after the U.S. Energy Information Administration announced record weeks for imports and production last period. The agency’s figures show that the U.S. imported 506,000 bpd in October, but imports from the Kingdom to the US for week ending November 3 climbed to 816,000 bpd.
OPEC—led by Saudi Arabia—and Russia have orchestrated an international agreement to lower output and eliminate the 2 million bpd of extra production that caused the steep drop in oil prices back in 2014.
So far, oil prices have inched back up to $60 a Brent barrel since the beginning of the year, but the glut has only been half eliminated. A further reduction in excess oil could bring prices up to $70, Saudi hopes, ahead of its Aramco initial public offering which is scheduled for next year.
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