Voluntary pumping cut Saudi Arabia will help with low demand in first quarter: OPEC chief

Voluntary pumping cut Saudi Arabia will help with low demand in first quarter: OPEC chief

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File photo of OPEC at its Vienna headquarters. Apr 9, 2020. REUTERS / Leonhard Foeger 

LONDON, Jan 13 (Reuters) – Saudi Arabia’s voluntary cut in its oil production will help the market navigate through low seasonal demand during the first quarter of the year, the OPEC secretary-general said at an industry event. on Wednesday.

Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), surprised the market a few days ago by promising to cut its pumping by 1 million more barrels per day in February and March.

Mohammad Barkindo, who spoke on the Gulf Intelligence virtual forum, said that global crude inventories – from countries inside and outside the OECD – are “very high.”

 

(Reporting by Ahmad Ghaddar and Shadia Nasralla; edited in Spanish by Carlos Serrano)

 

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