• 4 minutes Why Trump Is Right to Re-Open the Economy
  • 7 minutes Did Trump start the oil price war?
  • 11 minutes Covid-19 logarithmic growth
  • 15 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 18 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 8 hours Dr. Fauci is over rated.
  • 39 mins TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 3 hours China extracts record amount of natural gas from Gas Hydrates in South China Sea
  • 6 hours Western Canadian Select selling for $6.48 bbl. Enbridge charges between $7 to $9 bbl to ship to the GOM refineries.
  • 19 hours Dept of Energy ditches plans to buy Crude Oil for SPR
  • 36 mins Where's the storage?
  • 3 hours Hillary Clinton tweeted a sick Covid joke just to attack Trump
  • 5 hours Oxford Epidemiologist: Here’s Why That Covid-19 Doomsday Model Is Likely Way Off
  • 20 hours Wastewater Infrastructure Needs
  • 1 day Analysis into the Iran Outbreak
  • 20 hours >>The falling of the Persian Gulf oil empires is near <<
Alt Text

Looming Recession Sparks New Oil Sell Off

Money managers sold some 180…

Alt Text

The Permian Boom Is Going Bust

Oil companies are already beginning…

Alt Text

The New Saudi Plan To Send Oil Prices Lower

Oil giant Saudi Aramco will…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Energy Minister: Saudi Arabia Is Boosting Oil Production

Saudi Arabia will pump 10.7 million bpd of oil in October and will slightly raise this level in November, Saudi Energy Minister Khalid al-Falih said at an energy forum in Moscow on Wednesday.

The comments by the key oilman in OPEC’s largest producer and exporter come just a few days after Brent Crude prices hit earlier this week $85 a barrel—a four-year high—amid concerns that OPEC and allies are not doing enough to offset declining Iranian oil exports and plunging Venezuelan production.

Saudi Arabia is currently pumping 10.7 million bpd, al-Falih said today. This is just shy of the Kingdom’s all-time high production of 10.72 million bpd, set in November 2016, just before OPEC and its Russia-led non-OPEC allies started the production cut deal in January 2017.

Asked about the Saudi plans for November production, when the U.S. sanctions on Iran’s oil return, al-Falih said that the November output would be “slightly higher” from the October level, which he expects to average 10.7 million bpd.

According to the monthly Reuters survey of OPEC supply, Saudi Arabia pumped 10.53 million bpd in September, up by 50,000 bpd from August. OPEC’s secondary sources and the Saudi self-reported production put Saudi Arabia’s oil production in August at 10.4 million bpd. OPEC will release the September production figures next week.

Related: Citi: Brent-WTI Spread Could Widen To 5-Year High

At the Russian energy forum today, the Saudi minister also praised the “very healthy” oil market fundamentals and dismissed the criticism of U.S. President Donald Trump who has called out OPEC several times, blaming the cartel for the high oil prices.

Saudi Arabia is also in weekly communication with Russia to discuss the global oil market and the oil production policy, al-Falih said.

Earlier today, Reuters reported that Saudi Arabia and Russia had agreed to a private deal last month to quietly increase production between September and December to rein in the rising oil prices, allegedly keeping the United States in the loop about their plans.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News