Saudi Arabia has cut oil output to its lowest level for a year as a combination of surging US crude production and weakening economic growth has sapped demand.
The sharp fall in Saudi production, details of which were published ahead of a meeting in Vienna of the Opec oil cartel, contrasts with surging US energy output as hydraulic fracturing or “fracking” have unlocked vast quantities of shale oil and gas.
US oil production rose by 760,000 barrels a day this year – the largest increase in annual output since crude oil started to be pumped commercially in the US in 1859 – according to fresh US government estimates released yesterday.
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