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Saudis to cut oil output by 0.5 million bpd in OPEC deal: source
November 30, 2016 / 2:42 PM / a year ago

Saudis to cut oil output by 0.5 million bpd in OPEC deal: source

VIENNA (Reuters) - Top oil exporter Saudi Arabia has agreed to cut its oil output to 10.06 million barrels per day under a new OPEC production-limiting deal, an OPEC source told Reuters.

A gas flame is seen in the desert near the Khurais oilfield, Saudi Arabia June 23, 2008. REUTERS/Ali Jarekji/File Photo

The country’s output stood at 10.54 million bpd in October.

The source also said OPEC, at a ministerial meeting in Vienna, had agreed to suspend Indonesia from the Organization of the Petroleum Exporting Countries and allow Iran to set new production levels at 3.797 million bpd.

Reporting by OPEC team; Editing by Dale Hudson

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