Tuesday , October 4 2022

Saudi Arabia reduces oil exports


Saudi Minister of Energy Khaled Al-Falek said his country would reduce its oil production, and the fall in prices would threaten the recession in 2014.

"In December, Saudi Arabia's oil exports will drop by 500,000 barrels less than in November," Faleh said at the meeting of the Oil-Producers Organization in Abu Dhabi and other countries.

On the other hand, he said there was no "consensus" among the major producer countries for a general decline in production.

No decision should be made in Abu Dhabi, although some ministers say, OPEC must be considered in December in Vienna.

"Khalid al-Falek answered the question about possible production of the production to stop the fall in prices.

His Russian colleague, Aleksandar Novak, "has to analyze the situation on the market and analyze the implementation of the agreements (in force) and continue to stabilize the market before deciding what to do next."

In some major countries, oil production has dropped by about 20 percent over the month due to increased production and demand drops, as they have peaked at the peak – the highest level in four years.

Brent crude for the first time since April fell below $ 70 a barrel on Friday, down from $ 60 a barrel of crude oil, which is the ninth month of price decline.

Despite slower demand, Saudi Arabia, Russia, Kuwait and Iraq have recently boosted crude oil production, while the US has crude oil.

Recent decline in oil prices is a result of a decline in demand, especially from China, the world's largest importer, said Economist Intelligence Unit experts Kailin Birch.

On the other hand, sanctions against Iran, which are at risk of reducing global supply and increasing prices in the United States, have been less effective than expected.

In terms of sanctions, two of the three major producers in the US, Moscow and Riyadh have made changes to the Production Restrictions Agreement in June due to crude oil production and reduced Iranian exports.

Saudi Arabia's energy minister, Riyadh, said in May that it would cut $ 9.9 million a day. 10.7 million barrels per barrel.

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