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.


PepsiCo first-quarter revenue beats estimates

Updated 26 April 2018
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PepsiCo first-quarter revenue beats estimates

BENGALURU: PepsiCo reported first-quarter sales that topped analysts’ estimate on Thursday on higher demand for its snacks such as Doritos and Cheetos as well as beverages such as Lipton tea.
The company said its Frito-Lay North America snacks business had strong performance with a 3 percent organic revenue growth. Organic revenue excludes benefits from divestitures and acquisitions.
Sales at its beverage unit, which makes Lipton tea and Mountain Dew, fell 1 percent, but were an improvement over the past two quarters when sales fell at least 3 percent.
PepsiCo’s net income rose to $1.34 billion, or 94 cents per share, in the first quarter ended March 24, from $1.32 billion, or 91 cents per share, a year earlier.
Total revenue rose 4.3 percent to $12.56 billion, topping analysts’ estimate of $12.40 billion, according to Thomson Reuters.