Saudi Arabia pumps 10.33mn bpd in November
Saudi output exceeded 10mn barrels in daily output for the ninth consecutive month
Saudi Arabia pumped 10.33mn barrels a day in November, exceeding 10mn barrels in daily output for the ninth consecutive month, according to data compiled by Bloomberg.
The Saudis – the largest member of the Organisation of Petroleum Exporting Countries (OPEC) - have stuck to their one-year-old view that any output cuts won’t succeed in supporting prices unless big producers outside OPEC, including Russia and Mexico, also participate.
Crude exports fell in October from Iraq and Kuwait, OPEC’s second- and fourth-biggest producers, respectively, according to JODI.
Iraq shipped 2.708mn barrels a day, down from 3.052mn barrels a day in September for the country’s fourth consecutive monthly decline, the data showed. Kuwait’s exports dropped to 1.905mn barrels a day in October from 2.008mn in the previous month, JODI said.
Iran, the fifth-biggest supplier in OPEC, exported 1.395mn barrels a day of crude in October, a marginal increase from 1.39mn in September, JODI figures showed.
The OPEC had set a production target almost without interruption since 1982.
The oversupply has pushed the price of benchmark Brent crude to almost a seven-year low and triggered the worst slump in the energy industry since the 2008 global financial crisis.
Brent for February settlement dropped 18 cents, or 0.5 percent, on Friday to $36.88 a barrel on the London-based ICE Futures Europe exchange. The crude grade has tumbled 36% this year.