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FINANCIAL NEWS
Saudi oil output reaches 10b bpd in November
07 Dec 2011
(MENAFN) Saudi oil minister Ali al-Naimi said that Saudi Arabia increased crude output to most in 31 years to meet customer demand, Bloomberg reported.
He affirmed that the kingdom produced 10.04 bpd in November, the highest highest since at least 1980, according to data from the US Energy Department.
Saudi Arabia, the worlds largest oil exporter, boosted supply this year to offset halted production in Libya and help prevent oil prices from surging.
al-Naimi also reiterated that the market is balanced, adding that his country is prepared to maintain supplies at November levels.
According to International Energy Agency’s data, Saudi Arabia produced 9.45 million barrels of oil a day in October, 9.4 million in September, and 9.8 million in August.
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