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Saudi Arabia considers further reduction of oil export

The OPEC Oil Export Cartel is exploring new approaches for restoring the balance of supply and demand in the world oil market, the British consulting agency Petroleum Policy Intelligence (PPI) reported.

18.Jul.17 2:02 PM
By Daria Zaytseva


Saudi Arabia considers further reduction of oil export

Saudi Arabia remains committed to work with other oil producers to try and address recent changes in global supply including the rise in output from Nigeria and Libya.

Saudi Arabia unilaterally considers the possibility of reducing exports by another 1 million barrels per day, which would help offset the growth in oil production in Nigeria and Libya, but no decision so far, the PPI said.

The Petroleum Policy Intelligence agency also reported that a possible reduction in exports from Saudi Arabia would be a response to Russia's request to include Libya and Nigeria in the global OPEC + oil production limitation deal.

Another, milder option, provides strict compliance with the terms of the transaction, made in November 2016, the PPI said.

The price of the North Sea grade Brent increased by 1.5 percent on Tuesday to $ 49.15 per barrel.

Representatives of Saudi Arabia and the Organization of the Petroleum Exporting Countries were not available for comment.

Representatives of OPEC and non-cartel countries will meet on July 24 in St. Petersburg to discuss the results of the global oil production reduction deal.

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