Saudi Arabia to cut December oil exports by 500000 bpd

Saudi energy minister lands in Baghdad to discuss reducing oil production

Opec anticipates higher supply growth in 2019, as United States shale threatens to flood the markets following a three-year rally in oil prices this year.

Khalid al-Falih told reporters that Saudi Aramco's customer crude oil nominations would fall by 500,000 bpd in December versus November due to seasonal lower demand.

Iraq now pumps around 4.6 million barrels per day (bpd) of oil, second only to Saudi Arabia in the Organisation of the Petroleum Exporting Countries.

Any official decision on global output cuts will be made at a key ministerial meeting for OPEC and non-OPEC producers in Vienna in early December, Falih said.

Saudi Arabia has said it will trim oil exports by 500,000 barrels per day (bpd) in December, as major producers met to consider cuts to shore up declining prices.

When asked about the possibility of an output cut, he insisted it was "premature to talk about a specific action".

"We have to study all the factors", Falih said.

Iraq and Saudi Arabia agreed on Saturday to work together to stabilise oil markets, Iraq's Oil Ministry spokesman Asim Jihad said, without giving further details.

Declines extended after the USA said on Monday it would allow eight countries to continue buying sanctioned Iranian crude, the Wall Street Journal reported.

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The UAE's energy minister, Suhail al-Mazrouei, said balancing the market would "require changes in the strategy" of producers.

"We have our meeting later".

Brent crude dropped below $70 a barrel on Friday for the first time since April while the New York's West Texas Intermediate (WTI) sank below $60 a barrel, a nine-month low.

He said the market sentiment has shifted from one of fearing shortages to one anxious about oversupply.

The Organization of the Petroleum Exporting Countries (OPEC), which is led by Saudi Arabia, agreed in June with a bloc of 10 petroleum-producing nations led by Russian Federation, to increase global supply by one million bpd.

"The recent drop in oil prices reflects a combination of factors".

The rig count is an indicator that U.S. crude production, already at a record 11.6 million barrels per day (bpd), will increase further.

But they climbed on Monday as the world's biggest supplier Saudi Arabia announced plans to cut production in response to fears of oversupply.

But the producer nations eased the output cuts in June after signs of a tighter market and higher prices, allowing hundreds of thousands of extra barrels to hit the market.

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