Saudi Arabia intends to cut output to lift oil price

Baku. 8 January. REPORT.AZ/ Saudi Arabia intends to cut oil output to lift oil price to $80 a barrel, Report informs citing the Wall Street Journal.

Saudi Arabia is planning to cut crude exports to around 7.1 million barrels a day by the end of January in hopes of lifting oil prices above $80 a barrel, according to OPEC officials.

Along with this, if Brent crude price does not reach $80 a barrel, Saudi Arabia will face a budget deficit.

Saudi Arabia will reportedly cut output by 800,000 barrels per day from the November’s level and this is more than demanded cut within OPEC+.

Saudi Arabia has already cut the output by 400,000 barrels in December and the same cut is expected in January too.