Saudi Arabia cuts oil production by 1.5 million bpd
Saudi Arabian Energy Minister Khalid al-Falih said that 1.5 million of an agreed upon 1.8 million barrels per day (bpd) of oil had been taken out of the market in January.
Falih estimated the growth of shale oil in 2017 at 200,000 to 300,000 barrels per day.
“An estimate of 500,000 barrels of shale oil by the head of the International Energy Agency (IEA) were exaggerated.” Falih said.
Source: VON
