Saudi oil production reaches record high amid US pressure



[ad_1]

According to an industry source quoted by the French agency, Saudi crude oil production would have reached between 11.1 and 11.3 million barrels per day this month.

Oil production in Saudi Arabia has reached a record high in November despite the fact that last Saturday the news that the Organization of Petroleum Exporting Countries (OPEC) and Riyadh plan to reduce oil production so that the measure does not contradict to US President Donald Trump, Reuters reported on Monday.

According to an industry source quoted by the French agency, Saudi crude production would have arrived this month between 11.1 and 11.3 million barrels per day (bpd); figures that translate into an increase of 0.5 million bpd from last month and 1 million since the beginning of the year.

The current supply of crude is growing faster than demand, and to try to contain a global surplus, OPEC is expected to agree to decrease production at its next official meeting on December 6.

OPEC and Saudi Arabia plan to reaffirm the production targets they first agreed on in November 2016. This means that Riyadh will start reducing production from its target of 11 million barrels per day this month to the level of its share of 2016, of just over 10 million barrels per day.

This Monday oil prices rose more than 2%, after falling last Friday to its lowest level so far this year.

[ad_2]

Source link