Saudi Arabia's daily oil output sets new record

Saudi Arabia's daily oil output sets new record

Saudi Arabia's crude oil production has hit an all-time high in November of 11.2 million barrels per day (bpd), Bloomberg reported citing an industry source familiar with the matter.

In October, the kingdom’s production was running at about 10.8 million to 10.9 million barrels as it responded to stronger-than-usual demand from clients preparing for a disruption in Iranian supplies. Saudi Arabia was also using crude from domestic and overseas stockpiles to supplement supply, industry executives said at the time.

OPEC and its allies will meet in Vienna on December 6 to discuss the group’s 2019 production strategy. Saudi Arabia has already said it supports a drop in output and has pledged to reduce oil exports by 500,000 barrels a day in December, compared with November.

The Saudi and Russian energy ministers, Khalid Al-Falih and Alexander Novak, are also scheduled to travel to Buenos Aires, according to people familiar with their plans. Their presence reinforces the impression that Saudi Arabia and Russia will try to reach a deal before the OPEC meeting a few days later.