Saudi's hoping for $80 oil
Saudis are planning to reduce exports to 7.1 million barrels per day.
Dow Jones report just crossing. WTI is up $1.53 to $49.49.
Saudi Arabia exported about 7.3 million barrels a day of crude in January. That was already down from around 7.9 million barrels a day in November and 7.7 million barrels a day in October.
"The U.S. market will see the largest reduction in Saudi oil exports, according to an OPEC official. Overall, the export cuts would go beyond the six-month commitment it made in early December to OPEC," the report says.
