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Saudi Arabia says output cut was due to lower demand
- Saudi Arabia: Wednesday, January 16 - 2013 at 07:12
Saudi Arabia's petroleum and mineral resources ministry has said the kingdom had cut oil output in December because of lower seasonal demand, rejecting reports that the move was to push up crude prices, Arab News has reported. "Some media reports carried erroneous interpretations of the data of oil production in Saudi Arabia for December, which accused the kingdom of deliberately pushing oil prices to higher levels. "These reports are categorically wrong," said oil ministry adviser Ibrahim Al-Muhanna. The kingdom cut its oil production in November and December by around 700,000 bpd, with output falling to around nine million bpd in December.
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