Saudi Arabia’s crude oil exports are expected to drop next month by some 1 million barrels per day (bpd) from November levels, two sources familiar with the matter said on Saturday.
The world’s top oil exporter is expected to ship about 7.3 million bpd in January, one of the sources said, due to softening seasonal demand and as Riyadh follows through on a global deal to cut output to prevent a build up in oil supplies.
The sources did not give a figure for December oil exports.
OPEC and its Russia-led allies agreed on Friday in Vienna to slash oil production by more than the market expected in a bid to shore up prices despite pressure from U.S. President Donald Trump to reduce the price of crude.
Saudi Energy Minister Khalid al-Falih said in Vienna this week that the kingdom’s oil exports would be less than 8 million bpd in December, down from around 8.3 million bpd in November.
He also said Saudi Arabia would pump about 10.2 million bpd in January, down from about 10.7 million bpd in December.
His ministry tweeted on Saturday that the decision taken by the oil exporters who met in Vienna would be “reflected in the stability and the equilibrium of the oil market.”