Saudi Arabia reaches new record highs in oil output

Baku. 26 November. REPORT.AZ/ Saudi Arabia is pumping as much as 11.2 million barrels of crude a day, the most since the kingdom extracted its first oil eight decades ago, according to a person familiar with the matter.

Report informs citing Bloomberg that the kingdom’s production was running at about 10.8 million to 10.9 million barrels earlier this month as it responded to stronger-than-usual demand from clients preparing for a disruption in Iranian supplies.

Notably, Saudi Arabia has already said it supports a drop in output and has pledged to reduce oil exports by 500,000 barrels a day in December, compared with November.