Economy 27-11-2018

Saudi oil production reaches its historic peak amid US pressure

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

Saudi Arabia's oil production has reached an all-time high in November, although on Saturday the news spread that the Organization of Petroleum Exporting Countries (OPEC) and Riyadh plan to reduce oil production so that the measure does not contradict US President Donald Trump reported on Reuters on Monday .

According to an industry source quoted by the French agency, Saudi crude oil production this month reached 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 of 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 reduce production at its next official meeting on December 6.

OPEC and Saudi Arabia plan to reaffirm the production targets they agreed on for the first time in November 2016. This means that Riyadh will begin to reduce its output from its goal of 11 million barrels per day this month to its quota level. 2016, of little more than 10 million barrels per day.

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

RT

 
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