Saudi Arabia's energy minister said the technical analysis they reviewed on Sunday shows that they need a reduction approaching one million bpd to balance the market.
Abu Dhabi: Oil producing countries should cut output by one million barrels per day to re-balance the market, Saudi Arabia's energy minister said Monday, following a drop in crude prices.
"The technical analysis we reviewed yesterday shows that we need a reduction approaching one million bpd to balance the market," Khalid al-Falih told an energy conference in Abu Dhabi.
Falih said Saudi Arabia, the world's largest oil supplier, will cut its production by 500,000 bpd as of next month to help stabilise the market.
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