Photo: A Saudi oil official watches progress at a rig near Howta, Saudi Arabia. By John Moore, APFrom Bloomberg:
Dec. 11 (Bloomberg) -- Saudi Arabia, the world’s biggest oil exporter, cut production more than traders and analysts had estimated last month, reflecting the nation’s commitment to halt the $100 plunge in crude prices.
Oil rallied after Oil Minister Ali al-Naimi said in an interview in Poznan, Poland, that the kingdom pumped 8.493 million barrels of oil a day in November. That’s 287,000 barrels a day less than estimated by the International Energy Agency, and close to Saudi Arabia’s OPEC quota of 8.477 million barrels. Libya’s top oil official Shokri Ghanem said previous OPEC cuts haven’t been enough.
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