Saudi Arabia to drastically cut oil exports after King meets Putin

Saudi Arabia is set to drastically cut oil supplies next month. This is reported by BLOOMBERG with reference to the message of the Ministry of Energy of the kingdom.

The decision to drastically cut oil exports came after the recent visit of King Salman bin Abdulaziz Al Saud to Moscow, where he met with Russian President Vladimir Putin.

State oil monopoly Saudi Aramco will cut oil exports by 560,000 barrels of oil per day next month to reduce global oil inventories and stimulate demand, according to the agency. Riyadh currently supplies about 7.7 million barrels per day, the reduction will reduce these volumes to 7.15 million.

“Saudi Arabia is once again showing exceptional leadership in seeking to stabilize the global oil market ahead of the November 30 OPEC meeting in Vienna,” the ministry said in a statement. The Saudis also hope that other participants in the OPEC+ deal will follow suit, which will consolidate the results already achieved by the agreement.

The agency also reported that in September, the kingdom, despite high demand, supplied no more than 6.7 million barrels per day.

The King of Saudi Arabia and the President of RUSSIA held talks in Moscow on October 5. The meeting resulted in several arms contracts, including an agreement on the supply of Russian S-400 missile systems to Riyadh.