Saudi Arabia tells buyers of oil supply cuts from January

Saudi Arabia has notified its clients that it will cut oil shipments from January 2017 to cope with the latest OPEC agreement on cutting crude production, Reuters reported citing PIRA Energy Group, a consultant.

While the size of cuts will be varying, it is likely to be larger for North America due to low margins, the report added.

Last week, members of OPEC agreed to cap oil output levels for the first time since 2008.

Saudi Arabia sells more than 60 percent of its crude into Asia, according to the U.S. Energy Information Administration.