Falih had said the kingdom was willing to make deeper cuts than required. (AP Photo/Michel Euler)
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Saudi Arabia told OPEC that it cut oil production by the most in more than eight years, going beyond its obligations under a deal to balance world markets. The kingdom reported that it reduced output by 717,600 barrels a day last month to 9.748 million a day, according to a monthly report from the Organization of Petroleum Exporting Countries. The group's own analysts, who compile data from external sources, estimated that Saudi Arabia made a smaller 496,000 barrel-a-day cut – in line with last year's supply agreement.Saudi Arabia's data indicate it's pumping about 310,000 barrels a day below its specified target.The group's output fell by 890,200 barrels a day from a month earlier to 32.139 million in January, the data show.OPEC agreed in November to reduce production to 32.5 million barrels a day, although that total included about 750,000 barrels a day from Indonesia, which has since suspended its membership.
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