PARIS -- Yielding to increasing pressure from other OPEC members, Saudi Arabia said yesterday that it would cut oil production by about 100,000 barrels a day.
The reduction by Saudi Arabia, the world's largest exporter of crude, amounts to a modest 1.2 percent of its daily output, but some analysts said that in coming months, in cooperation with other members of the
Organization of Petroleum Exporting Countries, the Saudis could make further cuts.
In the last two weeks, Venezuela, Nigeria, Algeria and Libya have each announced reductions ranging from 20,000 to 50,000 barrels a day. Iran is widely expected to cut its output of more than 3 million barrels a day by at least 100,000 barrels, and Indonesia will also announce cuts of about 50,000 barrels a day, said OPEC officials who spoke on the condition of anonymity.