DUBAI: Saudi Arabia has cut crude oil allocations for November by 560,000 barrels per day, an oil ministry spokesman said on Monday, as the top oil exporter makes good on its pledge to help rein in a global supply glut.
"Despite very strong demand from international waterborne customers at more than 7.711 million bpd, they were allocated only 7.150 million bpd," the spokesman said in a statement.
"Saudi Arabia is once again demonstrating extraordinary leadership in its commitment to rebalancing the market, as we approach the upcoming key meeting of November 30 in Vienna," the spokesman said.
The kingdom is "restraining not only the top-line of production volume but even more importantly the bottom line of exports, which are what ultimately shape global inventories and market balances," the spokesman added.
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