Saudi Arabia enacts the deepest cuts of all OPEC countries

The OPEC kingpin and world’s top oil exporter, Saudi Arabia was demonstrating “extraordinary leadership” as exports “ultimately shape global inventories and market balances,”  the Saudi Arabian Ministry of Energy said in a rare statement late-Monday.

The kingdom assigned just 7.2m b/d for export against the contracted demand for Saudi crude for November at 7.7m barrels a day.

According to JODI data, Saudi Arabia has enacted the deepest cuts of all OPEC countries to about 10m b/d and exports are well below their 2012-16 average. November 2016 exports stood at more than 8.2m b/d, FT reports.