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Saudi Arabia is set to cut supplies to Asian customers by five per cent in December in a bid to adhere to the Organisation of the Petroleum Exporting Countries' (Opec) deal to curb output, it has emerged.
Oil firm Saudi Aramco, which sends over half its exports to Asia, will produce around 175,000 barrels less per day for the continent, Reuters reports.
The cut, fuelled by Opec's agreement to reduce output by 1.5 million barrels per day in order to boost demand, is the firm's first in over 14 months.
But most traders anticipated the cut with one refiner in South Korea saying: "The cut is in line with our expectations and clearly reflects that Opec is going in a different direction now."
Meanwhile, home heating oil customers are poised to see a rise in fuel costs in the future when the curb on production finally takes effect.
The cost of oil per barrel today has risen slightly over the weekend to $59.44 (£37.67) for Brent crude and $63.75 for US crude.
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