Kingdom Has Enforced 500,000 bpd Oil Cut

Saudi Arabia has enforced its pledge to cut 500,000 barrels a day of oil supply and is now producing around nine million barrels per day, Minister of Petroleum and Mineral Resources Ali Al-Naimi said yesterday. “We took off the 500, we’re around nine,” Naimi told Reuters in an interview on arrival for a meeting with Asian oil consumers in New Delhi.

OPEC oil producers last month agreed to cut one million barrels per day of excess supply from Jan. 1 in an effort to cap a forecast out-of-season build in stocks during the northern winter.

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