Saudi oil output hit record high in November - Bloomberg

Omkar Godbole FXStreet Contributor

OPEC kingpin Saudi Arabia boosted its oil output to a record high of 11.02 million barrels per day in November to offset losses due to US sanctions on Iran.

The cartel pumped 33.13 million barrels a day of crude in November, a decrease of 10,000 barrels a day from the previous month, according to a Bloomberg survey of officials, analysts and ship-tracking data.

Notably, the Kingdom has increased its output by just over 1 million barrels a day since May - that's more than double Russia's increase. OPEC and its ally Russia agreed to boost production in April.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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