The Organisation of the Petroleum Exporting Countries, Russia and other non-OPEC producers - an alliance known as OPEC+ - agreed in December to reduce supply by 1.2 million bpd from Jan. 1.

Under the agreement, Saudi Arabia should cut its production to 10.311 million bpd, but its energy minister Khalid al-Falih has said the country will over-comply with the supply-cutting pact to show its full commitment.

The kingdom pumped 10.643 million bpd in December.