Saudi cuts oil output

(MENAFN) Saudi Arabia has cut oil output from record rates of around 10 million barrels per day (bpd) for three months in a bid to help offset a decline in output from Opec member Libya, The Peninsula reported. The Kingdom's oil output was reduced to 9.75 million bpd last month from 10.1 million bpd in the month before it. According to figures from the US Energy Information Administration, the output was raised to 10.05 million bpd in August, the highest since 1980.