Saudi Arabia’s Oil Production May Rise 3.4% This Year, BSF Says - Bloomberg

Saudi Arabia, the world’s largest oil exporter, will increase production by 3.4 percent in 2011, according to Banque Saudi Fransi.

Saudi Arabia will pump 8.48 million barrels a day, from 8.2 million in 2010, the Riyadh-based bank known as BSF said in an e-mailed report dated yesterday. That compares with an average of 9.1 million produced from 2004 to 2008, the bank said.

The country’s oil-sector growth is forecast at 3.5 percent in 2011 as crude prices average above $80 per barrel, BSF said.