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Reuters quoted an industry source, as saying that Saudi Arabia ramped up its oil production to an all-time high amid constant pressure from the US President Donald Trump to refrain from output cuts at the OPEC meeting to be held next week.

The source said that the Saudi crude oil production hit 11.1-11.3 million barrels per day (bpd) in November, up around 0.5 million bpd – equal to 0.5% of global demand – from October and more than 1 million bpd higher than in early 2018, when the Kingdom was curtailing production together with other OPEC members.

Trump tweeted last week: “So great that oil prices are falling (thank you, President T).”    

“Oil prices are getting lower… Thank you, Saudi Arabia, but let’s go lower”.