Saudi Arabia to cut oil exports by 120,000 barrels per day

The world’s top oil exporter said it planned to ship slightly more than 7 million bpd this month. Above, Aramco’s Abqaiq oil facility in eastern Saudi Arabia. (Reuters)
Updated 10 November 2017
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Saudi Arabia to cut oil exports by 120,000 barrels per day

DUBAI: Saudi Arabia plans to cut crude exports by 120,000 barrels per day (bpd) in December from November, reducing allocations to all regions, a spokesman for the energy ministry said on Thursday.
Crude exports to the US will be more than 10 percent lower than November levels, he said.
The world's top oil exporter said it planned to ship slightly more than 7 million bpd this month, up from low levels during summer when domestic demand was at its peak.
Seasonal drops in domestic crude demand free up more oil for export during the winter months.
OPEC, along with other non-member oil producers led by Russia, agreed to cut output by around 1.8 million bpd from Jan. 1 this year until March 2018.
OPEC is seeking to achieve consensus among the participating countries ahead of its next meeting in Vienna on Nov. 30 on how long to extend the deal beyond March.


Deals worth more than $50 billion being signed at Future Investment Initiative

Updated 14 min 58 sec ago
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Deals worth more than $50 billion being signed at Future Investment Initiative

DUBAI: More than 25 deals worth more than $50 billion being signed at Future Investment Initiative in Riyadh, including 12 “mega deals.”

One of the deals being signed is for the second phase of Haramain high-speed railway. Public transport projects, including the development of Saudi Land Bridge project, are also among raft of deals being signed.

 

An MoU between Saudi Aramco and Halliburton was also signed, one of the 25 deals sealed in during the opening day of the conference in Riyadh.

 

 

More to follow.