Middle East Economic Survey


No 51/52


Gulf Producers Move To Cut Oil Output As OPEC Price Target Discussions Grow

Gulf oil producers, led by Saudi Arabia, moved swiftly to implement oil production cuts agreed in the wake of the OPEC meeting in Cairo on 10 December, with the kingdom cutting January nominations by 500,000 b/d. According to reports, Saudi Aramco cut nominations to Asian customers by an average 8%, with allocations to northwest European and other...