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Saudi crude exports are expected to fall by 1 million bpd in January compared to November
Saudi Arabia's exports of crude oil next month are expected to fall by about 1 million barrels per day (bpd) compared to November, according to two sources.
Saudi Arabia is expected to export around 7.3 million bpd in January due to a drop in seasonal demand and Riyadh's commitment to a global deal to cut output to prevent a surge in oil supplies, an exporter said.
The exporters did not give a figure for oil exports in December.
OPEC and its Saudi allies agreed on Friday in Vienna to cut oil production more than the market had expected in an attempt to raise prices despite pressure from US President Donald Trump to cut crude oil prices.
Saudi Energy Minister Khalid al-Falih said in Vienna last week that Saudi Arabia's oil exports would be less than 8 million bpd in December, down from about 8.3 million bpd in November.
He also said Saudi Arabia would produce about 10.2 million barrels per day in January, down from about 10.7 million bpd in December.
His ministry said on Twitter on Saturday that the decision by oil experts meeting in Vienna "will be reflected in the results of the stability and balance of the oil market."
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