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Saudi Arabia's energy minister, Khalid al-Falih, said in a speech Thursday (November 22) that crude oil demand was expected to weaken in January and that the country would take the necessary action to calm global market anxiety.
Falkh pointed out that Saudi oil exports in November were higher than in October. He stressed that no one wanted to see an oversupply.
U.S. President Trump said in a speech yesterday that he hoped Saudi Arabia would cooperate in bringing oil prices down. Falkh said Saudi Arabia will continue to adhere to the existing crude oil policy and will strive to maintain market equilibrium.
He added: "We will not sell crude oil to customers who do not need it. Nor will we make the market anxious... as in May and June, but at this moment, we want you to believe that no one wants to see an oversupply.
Earlier this month, it was reported that Saudi Arabia was considering plans to cut production by up to 1.4 million barrels a day with other OPEC and non-OPEC producers. At present, the market generally expects OPEC to reduce production at the policy meeting on December 6, but the specific extent of reduction is not clear.