The Kingdom of Saudi Arabia (KSA) pumped 10.72mb/d of oil, a record-high in November and up from 10.625mb/d in October. This came as the Organization of Petroleum Exporting Countries (OPEC) pushed for a global deal on production cuts, Reuters reported.
The rise in November output indicates that Saudi Arabia, OPEC’s biggest producer, will have a bigger task in complying with a plan to cut supply starting in 2017. While, Saudi crude exports have been high in recent months, reaching 7.812mb/d in September, while output has stayed at elevated levels despite the usual seasonal decline in winter when domestic consumption of crude burning for power is less, informed One America News Network.
Furthermore, Iraq said its November output was 4.8mb/d, up from 4.776mb/d in October, as oil exports reached a record high of 4.051mb/d. According to official figures reported to OPEC, Kuwait reported output at 2.9mb/d in November, lower than its 3mb/d in October, while the United Arab Emirates kept its output virtually steady at 3.195mb/d.
The increase in production for the gulf nations came as OPEC and non-OPEC producers have recently reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices. However, Nigeria and Libya were exempt from the deal due to production-denting civil strife. This in turn will further pressure OPEC leader Saudi Arabia to shoulder the bulk of supply reductions.