Saudi Arabia asks to reduce world production of oil - The Province
Saudi Energy Minister Jaled Al Faleh said Monday that a technical analysis reveals the need forreduce world oil productionin one million barrels per day to balance the market.
"The technical analysis we studied yesterday[domingo, en la reunión ministerial técnica de Abu Dabi]reveals that we must reduceone million barrels per dayto balance the market, "Faleh told a news conference in Abu Dhabi.
The day before, Faleh announced during the meeting with member and non-OPEC member countries that the Saudi kingdom will reduce its own production, which will result in a decline in exports in December.500,000 barrels per dayin relation to November.
He also noted that reserves were accumulated and that "the 25[países]producers will not allow it to continue. "
"The signals we sent yesterday" mean that "we will do (...) what will be necessary to balance the market," Faleh added.
On Sunday, the main oil producers affirmed that the world oil supply will be higher in 2019 to demand, so they called to adopt"New strategies"based on production adjustments.
Due to an increase in the production of some of the major oil countries, and the fear of falling demand, crude oil prices have lost about 20% in a month, having reached the highest level in October. in four years.