Saudi oil production surges to record

Baku. 21 November. REPORT.AZ/ Saudi Arabian oil production surged to a record near 11 million barrels a day this month, Report informs citing Bloomberg.

Riyadh has been pumping about 10.8 million to 10.9 million barrels a day of crude, the same executives said, asking not to be named to protect their commercial relations with the kingdom. On some days, more than 11 million barrels a day were supplied to the market by drawing down domestic and overseas stockpiles.

Saudi Arabia set an oil production record of 10.72 million barrels a day in November 2016 just before the kingdom led a group of OPEC and non-OPEC countries in cutting output. After the agreement, Riyadh slashed production dramatically over the next two months, with output dropping to 9.8 million barrels a day by January 2017.