Saudis to slash oil exports to Asia by 100,000 Bpd

The Saudi Energy Ministry said on Monday that it cut its crude oil exports to Asia by more than 100,000 barrels per day (bpd) in January compared to December, but will keep its exports to Europe and the U.S. unchanged.

“We hope that by leading by example, our partners from OPEC and non-OPEC will do the same in order to keep conformity levels above 100 percent and accelerate the rebalancing of the market,” the energy ministry spokesman said.

As per Reuters report, Saudi Arabia’s overall global crude oil shipments will be kept at 6.9 million bpd in January,