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Energy

January 22, 1992|From Times Staff and Wire Reports

Saudis Cut Oil Output: Saudi Arabia, the world's largest oil exporter, said it is cutting its production by 100,000 barrels a day to shore up prices. However, oil traders decided it was not enough to reduce the glut and light sweet crude fell 43 cents to $18.47 a barrel on the New York Mercantile Exchange. Other members of the Organization of Petroleum Exporting Countries recently announced similar output cuts aimed at pushing up prices, which are well below the OPEC target of $21 a barrel. But the cuts represent less than 2% of the cartel's output.

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