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.


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.

To report this post you need to login first.