TOKYO, Dec 18: Saudi Arabia plans to cut its crude oil exports to Japan and other Asian countries by 22 per cent in January from levels set under initial contracts, news reports said on Wednesday.

The move is in line with an agreement announced last week at a meeting of Organization of Petroleum Exporting Countries (Opec) in Vienna, the Yomiuri Shimbun and the Asahi Shimbun said in their evening editions.

Saudi Arabia is considering the measure on oil shipments to Japan, South Korea, and Thailand, the newspapers said, quoting sources close to Japanese crude oil importers.

If Saudi Arabia, Japan’s second largest crude oil exporter, continues cutting shipments for 2003 by the same margin, Tokyo’s total oil imports would decline by five per cent, the Yomiuri said.

Immediate confirmation of the reports was not available.—AFP