• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 23 hours "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 7 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 3 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 12 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 5 days The Federal Reserve and Money...Aspects which are not widely known
  • 3 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 10 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 5 days "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 12 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 13 days Goldman Betting on Cryptocurrencies
  • 17 days Сryptocurrency predictions
How Much Has Harvard’s Fossil Fuel Divestment Cost It?

How Much Has Harvard’s Fossil Fuel Divestment Cost It?

Harvard University made headlines when…

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




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News