Saudi Arabia pumps oil at highest rate for decades |
Reuters - Dec 7, 2011 |
Saudi Arabia said on Wednesday it was pumping oil at the highest rate for decades in a signal to fellow producers and buyers just a week before an OPEC meeting that it intends to meet customer demand with more output if necessary.
The announcement, which was greeted with some skepticism by analysts, comes at a time when the European Union is discussing imposing a ban on oil from OPEC member Iran, a move that could put further upward pressure on oil prices.
A senior Saudi oil official told Reuters the kingdom produced 10.047 million barrels per day (bpd) of crude oil excluding condensate in November, well above previous estimates.
"Saudi Arabia's production has been fluctuating this year. It has reached over 10 million bpd in November excluding condensate because consumer demand was higher," the official said.
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- Posted: 2011-12-07 11:33:54
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