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Saudi Arabia tells Opec it cut output in August as oil neared $100

LONDON, September 10, 2014

 
Top oil exporter Saudi Arabia told Opec it reduced its oil output in August by 400,000 barrels per day (bpd), a cutback coinciding with a drop in oil prices towards the kingdom's preferred level of $100 a barrel.
 
In a monthly report, the Organization of the Petroleum Exporting Countries said Saudi Arabia reported August production of 9.597 million barrels per day (bpd), down from 10.005 mbpd in July.
 
The reduction comes as oil prices have come under downward pressure from ample supply and concerns about slower global demand. Saudi crude output often falls when domestic demand for air conditioning declines from its summer peak.
 
In the report, Opec cut its 2014 global oil demand growth forecast for a third consecutive month and also reduced its assessment of the requirement for its members' crude oil.
 
Opec now expects global oil demand to rise this year by 1.05 mbpd, down 50,000 bpd from the previous estimate. Next year's forecast was trimmed by 20,000 bpd. -- Reuters
 



Tags: Saudi | Oil | Opec | Output |

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