Islam Times - Saudi Arabia Mulls Cutting Oil Output by 1 Million bpd

Islam Times - Saudi Arabia reportedly is weighing up cutting oil output by up to 1 million barrels per day, Reuters reported on Sunday.

The news agency cited two unnamed sources as saying that the Persian Gulf kingdom is discussing the proposal by OPEC and its allies, adding that negotiations were not finalized as much depended on the reduction in Iranian exports.

“There is a general discussion about this. But the question is how much is needed to reduce by the market,” one of the sources said, speaking in Abu Dhabi where a market monitoring committee is due to be held on Sunday, attended by top exporters Saudi Arabia and Russia.

Asked by reporters in Abu Dhabi if the market is in balance, Saudi Energy Minister Khalid Al-Falih said: “We will find out. We have our meeting later.”

Al-Falih last month said there could be a need for intervention to reduce oil stockpiles after increases in recent months.