Reuters exclusive on unexpected Saudi oil output cut

Oil prices rose after the Saudi oil minister Ali al-Naimi on Jan. 13 confirmed an exclusive story by Reuters saying OPEC’s leading producer was planning to cut production even further than agreed under a December OPEC agreement to slash exports in a bid to support crude prices. The Jan. 11 exclusive said Riyadh would remove a further 300,000 barrels a day of supply below its OPEC quota in February, beyond the 1.7 million bpd it has cut in January under three OPEC agreements since September. Naimi confirmed on Jan. 13 that Saudi intended to cut production further in February. Very rarely does the Saudi oil minister reveal plans for future production.