Saudi Arabia to Preserve Daily Oil Output Level at Under 10Mln BPD in Winter

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Riyadh will keep the oil output level at under 10 million barrels per day by the end of winter.

VIENNA (Sputnik) — Saudi Arabia will preserve the oil output level at under 10 million barrels per day (BPD) in January and February, Saudi Energy Minister Khalid Falih said Sunday.

“This will be preserved as of today, January 22, at under 10 million barrels [per day]. I predict that it will be the same by the end of the month. In February, we will also inform our clients about significant cutbacks and that will keep us at the same level. Internal consumption may change by several thousand barrels a year. But I do not expect significant differences between January and February, ” Falih told reporters  prior to the meeting of the Vienna monitoring committee.

An Iranian oil worker walks in Tehran's oil refinery south of the capital Tehran, Iran, Monday, Dec. 22, 2014 - Sputnik International
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In November 2016, the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut oil production by 1.2 million barrels per day to 32.5 million barrels per day for the whole cartel starting January 2017.

On December 10, 2016, OPEC finished a meeting with non-OPEC countries in Vienna, at which 11 non-OPEC producers decided to cut oil output by 558,000 barrels per day from January 2017, with Russia's share totaling 300,000 barrels per day.

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