Saudi Arabia pumps 10.24mn bpd in Jan, below its OPEC's target

DUBAI/LONDON: Saudi Arabia, the world's top oil exporter, told OPEC it pumped 10.24 million barrels per day (bpd) in January, two OPEC sources said, as the kingdom follows through on its pledge to reduce output to help balance the oil market and support prices.

The Organisation of the Petroleum Exporting Countries, Russia and other non-OPEC producers - an alliance known as OPEC+ - agreed in December to reduce supply by 1.2 million bpd from Jan. 1.

Under the agreement, Saudi Arabia should cut its production to 10.311 million bpd, but its energy minister Khalid al-Falih has said the country will over-comply with the supply-cutting pact to show its full commitment.

The kingdom pumped 10.643 million bpd in December.