Saudi Arabia Cuts Oil Output Below Oil Producers' Deal Cap

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The Saudi energy minister told Sputnik that Riyadh has already decreased its output in line with the oil deal.

MOSCOW (Sputnik) — Saudi Arabia has reduced its oil output below levels agreed on by the Organization of the Petroleum Exporting Countries (OPEC) and oil producers outside the cartel in late 2016, Saudi Energy Minister Khalid Falih told Sputnik on Thursday.

"We have decreased it to a level below the cap that was established by the agreement with OPEC and non-OPEC, we are below that cap slightly, and we have also cut our customers for February," Falih said.

The minister added that the other parties to the deal had also stuck to their commitments, including Russia.

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The Saudi energy minister told Sputnik he planned to speak with Russian Energy Minister Alexander Novak on the sidelines of the upcoming session of the monitoring committee on the oil producer output cut deal.

The committee is due to meet in Vienna on January 21-22. Chaired by Kuwait from the OPEC side and Russia from the non-OPEC side, the committee also includes Oman, Venezuela and Algeria.

"We have a bilateral, but we have a committee meeting also," Falih said.

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