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Saudi Arabia moves to keep oil prices above $100
- Saudi Arabia: Saturday, January 12 - 2013 at 03:07
Saudi Arabia has cut oil production substantially, moving to defend prices well above $100 a barrel and fend off a growing overhang in world oil supply, Reuters has reported. The world's largest oil exporter produced 9.025 million bpd in December, down from 9.49 million bpd in November and 9.72 million in October and over 10 million bpd earlier in the year. Major customers of state oil company Saudi Aramco said the cuts were driven by lower demand. "It's nothing sinister. The call on Saudi Arabia's crude is much less and they are responding to that," said a major customer of state oil giant Saudi Aramco. "Whatever we ask for, we get - Aramco is not making the cuts."
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