Saudi Arabia’s monthly crude oil production jumped 7.3% in November topping 10.04 million barrels per day, a 30-year high mark, according to data compiled by JODI.
The output numbers “came with an increase in exports and a decrease in domestic consumption,” according to Bloomberg Television’s Lara Setrakian who added, “it reflects OPEC as a whole.” JODI figures showed overall OPEC numbers on the increase. Setrakian noted Saudi Arabia, “is able and generally willing to make up market shortfalls,” citing the Libyan crisis and the potential for loss of Iranian product from the market.
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