Saudis, Iraq cut oil exports on Venezuela surge

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Iraq and Saudi Arabia cut crude oil exports in December for a second month, while fellow OPEC member Venezuela boosted shipments to their highest in more than four years, according to the Joint Organizations Data Initiative. Iraq, the biggest producer in the Organization of Petroleum Exporting Countries after Saudi Arabia, curtailed exports by 10 percent [...]

Wael Mahdi reports for Bloomberg:

Iraq and Saudi Arabia cut crude oil exports in December for a second month, while fellow OPEC member Venezuela boosted shipments to their highest in more than four years, according to the Joint Organizations Data Initiative.

Iraq, the biggest producer in the Organization of Petroleum Exporting Countries after Saudi Arabia, curtailed exports by 10 percent to 2.35 million barrels a day, data posted today on the initiative?s website showed. The Saudi kingdom shipped 7.06 million barrels a day in the month, down 1.3 percent from November, according to the data.

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