Saudi Arabia plans to slash exports to the world’s largest oil market in the coming weeks in an effort to dampen visible build-ups in crude inventories, Bloomberg reported.
Saudi Arabia plans to cut oil supplies to US
STEPANAKERT, DECEMBER 14, ARTSAKHPRESS: American-based oil refiners have been told to expect much lower shipments from the kingdom in January than in recent months following the OPEC+ agreement to reduce production, according to people briefed on the plans of state oil company Saudi Aramco.
Saudi crude shipments to the US next month could even test the 30-year low set in late 2017 of 582,000 barrels a day, down about 40 percent from the most recent three-month average, the same people said.
Saudi Arabia’s decision should show the market that Riyadh fulfills its pledge to reduce oil production.
