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Saudi Arabia is extending its commitment to curbing crude exports as it leads producers’ efforts to drain excess global inventories and support prices. Riyadh is firmly prioritizing rebalancing the market over protecting market share, a policy it was loath to adopt when oil prices collapsed almost three years ago ( MEES, 22 December 2014 ). Supplies to the closely-watched US market are at 30-year lows and Saudi Arabia has confirmed there will be no easing up in November.
In a first statement of its kind the Saudi energy ministry said on 9 October that the kingdom will export 7.15mn b/d in November. “Saudi Arabia is once again demonstrating extraordinary leadership in its commitment to re-balancing the market,” the ministry statement says. It added that export volumes rather than production are “what ultimately shape[s] global inventories and market balances.”
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