Saudi Arabia has cut 500,000 barrels a day of oil supply and is now producing some 9 million barrels per day, Minister of Petroleum and Mineral Resources Ali Al-Naimi said Tuesday.
OPEC oil producers decided in December to cut one million barrels per day of excess supply from Jan. 1, 2005. Saudi Arabia pledged to shoulder half the total reduction.
Oil prices have fallen nearly $14 or 25 percent from record highs hit on late October.
In his Tuesday's comments to Reuters, Naimi declined to say whether OPEC was likely to cut further oil supply, noting that the group would first need to assess supply and demand trends.
