Saudis Offer To Cut Production By 500,000 Barrels: “The Oil Market Situation Is Much More Critical”
by Tyler Durden
ZeroHedge.com
Sep 25, 2016
Saudi Arabia offered to cut its oil output to January levels, as OPEC members seek ways to stabilize crude prices at talks this week in Algiers.“Saudi Arabia is ready to freeze production at the January level,” Boutarfa said, calling the offer “an interesting step.” Saudi Arabia pumped a record 10.69 million barrels a day in August compared with 10.2 million in January, suggesting the Saudis are willing to cut total output by half a million barrels.
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