Saudi Arabia has cut oil production by 500,000 barrels a day, reversing a previous boost decided in response to the Libyan crisis, people familiar with the matter said Tuesday, after meeting tepid demand for the extra barrels.
Saudi Arabia has cut oil production by 500,000 barrels a day, reversing
a previous boost decided in response to the Libyan crisis, people familiar with
the matter said Tuesday, after meeting tepid demand for the extra barrels.
Late February,
Saudi Arabia
, the
largest producer in the Organization of Petroleum Exporting Countries, had
increased production to soothe market concerns as turmoil brought Libyan
exports to a standstill.
The reduction, confirmed by a Saudi official, brings the country's production
back to about 8.5 million barrels a day.
The Gulf nation had encountered only limited interest from buyers, due in part
to high prices and reduced Japanese demand after disaster struck in the Asian
powerhouse.
In a report Tuesday, the International Energy Agency said
Saudi
Arabia
"saw only tepid demand
from refiners for extra barrels due to the quality mismatch with lost Libyan
supplies, reduced Japanese needs as well as relatively steep prices set for
April liftings."
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