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International News

Jan 10, 2019
6:46AM

Saudi Arabia to cut its oil exports in Jan by 10%

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OPEC kingpin Saudi Arabia will slash its oil exports in January by 10 percent compared to November, the Kingdom said today as producers move to shore up tumbling prices.

Saudi energy minister Khalid al-Falih said the kingdom, the world's top crude supplier, would cut its exports to 7.2 million barrels per day (bpd) in January, down from 8.0 million bpd in November. He also announced a further 100,000 bpd cut in February.

OPEC and its allies decided last month to cut their overall output by 1.2 million bpd starting in January, to boost prices hit by a supply glut and fears demand could plummet.

In a press conference held in Riyadh, the energy ministry also announced that the kingdom's vast oil reserves are even bigger than previously thought. 

The ministry said proven oil reserves stood at 263.2 billion barrels at the end of last year, up from the figure of 261 billion barrels that has been used for almost three decades. 

The kingdom has another 2.9 billion barrels of crude in a border zone shared with neighbouring Kuwait, bringing total oil reserves to 266.1 billion barrels, the ministry said. 

Natural gas reserves also grew from 302.3 trillion cubic feet  to 324.4 trillion cubic feet, it added. 

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