Saudi Arabia has said it will cut oil output by at least 486,000 barrels per day (bpd) as it implements OPEC’s agreement to reduce output. According to a source, the Saudi Aramco has started talks with customers around the world on possible cuts of 3% to 7% from next month. Source Energy Voice
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Three Turkish fighter jets violated Greek air space in the central and northeastern Aegean four times on Tuesday. Source Ekathimerini
European car sales rose to a nine-year high in 2016, with French manufacturer Renault SA taking advantage of recovering demand and Volkswagen AG’s tarnished reputation to leap to second place from third in the region. Industrywide registrations increased 6.5 percent to 15.1 million vehicles. Source: Bloomberg
China’s production is forecast to fall by as much as 7 percent this year, extending a record decline in 2016, according to analysts. Crude production fell 6.9 percent in the first 11 months of 2016 to about 4 million barrels a day. Lower domestic production will help support the nation’s imports. Source: Bloomberg