Saudi oil production reached a historic peak amid US pressure



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According to industry sources 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 reached an all-time high in November, although on Saturday news spread that the Organization of Petroleum Exporting Countries (OPEC) and Riyadh planned to reduce oil production so that its size did not conflict US President Donald Trump reported in Reuters on Monday.

According to industry sources quoted by the French agency, Saudi crude oil production will reach this month between 11.1 and 11.3 million barrels per day (bpd); the figure translates to an increase of 0.5 million bpd from last month and 1 million since the beginning of the year.

Current crude oil supplies are growing faster than demand, and to try to hold back OPEC's global surplus is expected to agree to reduce production at the next official meeting on December 6.

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

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

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