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22 April 2024

Saudi's February output to be under OPEC target-Naimi

The kingdom will 'do what it takes to bring it back to balance'. (AP)

By Reuters
Saudi Arabia's oil output in February will be less than its OPEC output target of 8.05 million barrels per day, Saudi Arabian Oil Minister Ali al-Naimi said on Tuesday.  "It will be lower than the target," Naimi told reporters.

He said the kingdom's output was currently running at a rate of 8 million barrels per day.

Industry sources on Sunday said Saudi planned to cut back by up to 300,000 barrels per day below its OPEC target in February.

The minister was asked to what extent the kingdom was willing to go to balance the oil market.

"Let me tell you this. We are working very hard to bring balance.... we will do what it takes to bring it back to balance," he said.