Saudi Arabia is pumping as much as 11.2 million barrels of crude a day, the most since the kingdom extracted its first oil eight decades ago, according to a person familiar with the matter.
The kingdom’s production was running at about 10.8 million to 10.9 million barrels earlier this month as it responded to stronger-than-usual demand from clients preparing for a disruption in Iranian supplies. Saudi Arabia was also using crude from domestic and overseas stockpiles to supplement supply, industry executives said at the time.
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It’s unclear if Saudi Arabia plans to keep increasing production, or if it is still supplementing supply from inventories. A Saudi Arabian oil official declined to comment.
OPEC and its allies meet Dec. 6 in Vienna to discuss the group’s 2019 production strategy. Saudi Arabia has already said it supports a drop in output and has pledged to reduce shipments by 500,000 barrels a day in December, compared with November.