Saudi..

Energy: From FTN: "Saudi Arabia will cut crude output by an additional 158k barrels per day starting February 1. After these cuts, Saudi output will be down by about 1 million barrels per day since last summer. Still, crude oil inventories are close to a nine-year high. Some of the increase in supply is the result of warm weather, but some reflects slower economic growth. After all, inventories bottomed in 2004, and the warm streak only goes back to November of this year. Because demand is falling due to slower economic growth, supply reductions will boost the price of oil but will also result in still slower economic growth. In a way, the Saudis have tightened economic conditions for everyone."Provided by: Market News International