Saudi Arabia will cut crude shipments by 560,000 barrels per day (b/d) in November, Bloomberg reports.
The country will export 7.15 million b/d in November despite global demand in excess of 7.7 million b/d, according to a statement released by the Ministry of Energy, Bloomberg reports.
The announcement demonstrates the oil-producer’s “push to draw down commercial stockpiles as soon as possible,” a spokesman for the Ministry of Energy told the Financial Times.
In September, Saudi Arabia exported only 6.7 million b/d due to high domestic demand, the Financial Times reports.
Saudi Arabia is a signatory to a production-cut agreement between OPEC and some non-OPEC oil producers to cut crude production by 1.8 million b/d. The agreement was implemented in January and has been extended until March 2018.
In November 2016, Saudi Arabia exported more than 8.2 million b/d, the Financial Times reports.
Even as Saudi Arabia cuts back production, its market rivals, such as Iran and Iraq, have sought to increase their market share at Saudi Arabia’s expense, Bloomberg reports.