Falih: Saudi Arabia to cut December oil output by 500,000 bpd

Saudi Arabia will cut its December oil output by 500,000 barrels per day in comparison to November’s output, the kingdom’s Energy Minister Khalid al-Falih said at the meeting of the Joint Ministerial Monitoring Committee.

“We want to enter 2019 with a minimum amount of stocks,” Falih said.

Falih had stated that OPEC may need to cut output because oil markets may see an oversupply again next year. But he said the option of reducing production is possible, only if the market needs it.

Russia stated on Sunday that it did not believe that the oil market would face a probability of an oversupply next year.

Russian Energy Minister Alexander Novak told reporters that the market may face a specific oversupply due to seasonal factors in the next few months, but it will be balanced by 2019.