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2014-09-11 18:20:00

SAUDI CUTS OUTPUT

SAUDI CUTS OUTPUT

Saudi Arabian oil output fell 400,000 barrels a day in August according to a report issued by Opec that coincided with another drop in the price of Brent, the international oil marker.

In its monthly report, the oil producing cartel said the Gulf nation produced 9.6m b/d a day in August, down from 10m b/d in July. Only four times in the last decade have the cuts been as great.

The sharp drop in the price of Brent since mid-June has prompted some market participants to question whether Saudi Arabia will curb its output to keep global supply in check and support prices.

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Tags: SAUDI, ARABIA, OIL, OPEC,

Chronicle:

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