ABU DHABI, Nov 12 — Major oil producers said yesterday that crude supply next year would outstrip demand, calling for new strategies based on production adjustments. Khalid al-Falih, Energy Minister of the world’s top supplier Saudi Arabia, said the kingdom would cut its production by 500,000...
ENERGY To prop up oil prices, producers begin to weigh cuts Major oil producers meeting in Abu Dhabi, United Arab Emirates, on Sunday signaled that they were considering once again changing course and cutting production. But the group, which included the Saudi oil minister, Khalid al-Falih, and his Russian counterpart, Alexander Novak, did not make any firm decisions.
Major oil producers said Sunday that crude supply next year would outstrip demand, calling for new strategies based on production adjustments. Khalid al-Fa
Among those attending were Russian Energy Minister Alexander Novak, Oman's Oil Minister Mohammed al-Rumhi and the energy minister of host UAE Suheil al-Mazroue.
The US administration has vowed to reduce Iranian oil exports to zero and US President Donald Trump has put pressure on Saudi Arabia to raise output to cool the market.
Khalid al-Falih told reporters that Saudi Aramco’s customer crude oil nominations would fall by 500,000 bpd in December versus November due to seasonal lower demand. The cut represents a reduction in global oil supply of about 0.5 percent. Saudi Arabia has increased output by just about 1 million bpd