Friday , September 30 2022

Oil production in Saudi Arabia reaches its peak in the context of US pressure



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

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

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

The current oil supply is rising faster than demand, and to try to counteract a global surplus, OPEC will accept production cuts at the next official meeting on 6 December.

OPEC and Saudi Arabia intend to reaffirm the production targets they agreed for the first time in November 2016. This means that Riyadh will start to cut its production from its 11 million barrel per day target this month at quota level . 2016, just over 10 million barrels per day.

Oil prices rose by more than 2% on Monday, after falling to the lowest level this year so far this year.

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