Saudi Oil Production Tops 10 Million Barrels/Day in November

By Paul Ausick Published Dec 6, 2:17PM EST

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Saudi Arabia’s national oil company reported today that it had produced just over 10 million barrels/day of crude oil, the country’s highest production in more than 30 years. That’s 550,000 barrels/day more than the Kingdom produced in October.

Saudi oil minister Ali al-Naimi told Bloomberg Businessweek that production was so high because “that’s what the customers wanted.” He also said that the oil market was in balance and that Saudi Arabia is prepared to pump at the November level “if customers want the same thing in December.”

The Saudis raised prices for all blends it sells to Asian customers by $1.60-$1.95/barrel. Energy consultant JBC Energy GmbH commented:

Steep price hikes for the light end of the kingdom’s crude slate may be aimed at avoiding a potential supply glut,” JBC said. “The most benevolent interpretation is that the kingdom wants to ensure a no-cut decision at the upcoming OPEC meeting without ruffling too many feathers.

If production from Libya and Iraq rises, the Saudis may adjust their production, according to al-Naimi.

Contact [email protected] for any questions or corrections.

Disclaimer: Energy Exploration Technologies, Inc. ("EnergyX") has engaged 24/7 Wall St to publish this communication in connection with EnergyX's ongoing Regulation A offering. 24/7 Wall St has been paid in cash and may receive additional compensation. 24/7 Wall St and/or its affiliates do not currently hold securities of EnergyX.

This compensation and any current or future ownership interest could create a conflict of interest. Please consider this disclosure alongside EnergyX's offering materials. EnergyX's Regulation A offering has been qualified by the SEC. Offers and sales may be made only by means of the qualified offering circular. Before investing, carefully review the offering circular, including the risk factors. The offering circular is available at invest.energyx.com/.

Comparisons to other companies are for informational purposes only and should not imply similar results. Past performance is not indicative of future results. Market shortfall are forward‑looking estimates and are subject to substantial uncertainty. Investments in private placements, and start-up investments in particular, are long-term, illiquid, speculative and involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest in start-ups

Follow 24/7 Wall St. on Google

About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.