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UPDATE 1-Saudi Arabia cut oil output in Jan to 10.058 mln bpd -Gulf source
January 5, 2017 / 6:55 PM / 10 months ago

UPDATE 1-Saudi Arabia cut oil output in Jan to 10.058 mln bpd -Gulf source

(Adds OPEC December production)

By Rania El Gamal

NEW YORK, Jan 5 (Reuters) - Saudi Arabia cut oil output in January by at least 486,000 barrels per day (bpd) to 10.058 million bpd, fully implementing OPEC’s agreement to reduce output, according to a Gulf source familiar with Saudi oil policy.

The Organization of the Petroleum Exporting Countries in late November agreed to cuts that take effect in the first half of 2017 to curb a global supply glut and prop up prices.

Under the deal, Saudi Arabia agreed to cut output by 486,000 bpd, or 4.61 percent of its October production of 10.544 million bpd.

OPEC agreed to output cuts as of Jan. 1 that would bring production to 32.50 million bpd, in the first such decision since 2008. In December, no production target was in effect.

Output from OPEC fell by 200,000 bpd in December, led by Nigeria and Saudi Arabia, according to a Reuters survey published on Thursday.

Saudi Aramco has started talks with customers globally on possible cuts of 3 percent to 7 percent in February crude loadings as it moves to implement the agreement on curbing global oil output, sources said on Thursday. (Reporting By Rania El Gamal; Writing by Jessica Resnick-Ault; Editing by Franklin Paul and Richard Chang)

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