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.
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