Saudi Arabia signaled it will reduce oil exports by as much as half a million barrels a day in December, the first tangible sign that OPEC is starting to trim output as it faces an oversupplied market in 2019.
The Saudis boosted production in November but will trim shipments for next month, Energy Minister Khalid Al-Falih told reporters in Abu Dhabi. The Organization of Petroleum Exporting Countries and other suppliers are seeing signs of an emerging surplus in the U.S., though it’s too early to talk about cutting output, he said before a meeting to assess compliance with their pledged cuts in production.
