Saudi Energy Minister Khalid Al Falih on Sunday said the Kingdom would cut production by 500,000 barrels a day in December.
Saudi Energy Minister Khalid Al Falih Image Credit: Reuters

Riyadh: OPEC member Saudi Arabia will slash its oil exports in January by 10 per cent compared to November, the energy minister said Wednesday.

Khalid Al Falih said the kingdom, the world's top crude supplier, would cut its output to 7.2 million barrels per day in January, from 8.0 million bpd in November, with 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 January to shore up sliding prices.