Saudi Arabia cuts oil output to lowest in two years, pledges further reductions
Saudi Arabia's Minister of Energy Khalid al-Falih said on Thursday that oil output was "not significantly below" 10mn bpd currently and the Kingdom planned to make even deeper cuts in February. Falih also said he expected the oil market to tighten in two to three years, aided by the agreement of OPEC and non-OPEC producers late last year to curb production. "I wouldn't be worried by shale on its own ... I am sure that could be absorbed by a market that will be approaching 100mn bpd in the next few years." (Reuters)
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