Saudi Arabia promised deep cuts to crude exports next month, emphasizing its commitment to eliminating a global supply glut even as fellow OPEC members Libya and Nigeria were told they are free to keep increasing output, Bloomberg reports.
Shipments from the Organization of Petroleum Exporting Countries’ largest producer will be capped at 6.6 million barrels a day in August, 1 million lower than a year earlier, Saudi Arabia’s Energy and Industry Minister Khalid Al-Falih said on Monday.
The kingdom won’t act alone to balance the market and other nations should improve their implementation of supply cuts, he said after meeting fellow producers in St. Petersburg, Russia. At the same time Nigeria and Libya — both granted exemptions from the supply deal last year — are allowed to keep boosting output to their desired levels, Al-Falih said.
“We remain supportive of our brothers and partners” in the two African countries as they recover from output disruptions, Al-Falih said. “The committee however should monitor the impact of such growth in supply on global supply-demand balances.”