Saudi Arabia’s crude production hit record highs in early November following large orders made in early October in preparation for the loss of Iranian crude from the market, Bloomberg reported.
Industry sources said that Riyadh has recently been pumping between 10.8 million and 10.9 million barrels per day (b/d).
However, more than 11 million b/d were produced on some days, the sources added.
The record figures come ahead of the December 6 OPEC meeting in Vienna, where producers are expected to agree supply cuts in response to a rapid decline in oil prices.
Prices have plummeted since the beginning of October, with Brent falling more than $20 to $62 per barrel and WTI experiencing a $22 slide to $54 per barrel.
The Saudis are understood to support a production cut, having already indicated they will reduce shipments by 500,000 b/d in December.
Record Saudi output means that the US, Russia and Saudi Arabia – the world’s largest producers – are now all producing at almost record levels.