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Saudi Arabia Reports Sharp Decline in Output

Oil

Saudi Arabia has told OPEC it cut oil production by the most in over eight years, exceeding its obligations under the recent deal, reports Bloomberg. The Kingdom reported it reduced output by 718K b/d in January to 9.75M b/d, according to OPECs latest monthly report, however, OPEC figures (based on data from secondary sources) suggest a smaller decline of 496K b/d. OPEC secondary sources (derived from six external estimates) form the baseline for the accord agreed in November, and put compliance (by the 11 countries subject to the deal) at over 90%. The group’s output fell by 890K b/d month-on-month to 32.14M b/d in January according to its report. It had agreed to cut output to 32.5M b/d but this included about 750K b/d from Indonesia which has since suspended its membership.