BREAKING NEWS

Saudi Arabia pumping oil at highest rate in decades

By REUTERS

DECEMBER 7, 2011 17:45

DOHA - Saudi Arabia said on Wednesday that it was pumping oil at the highest rate for decades, signaling to fellow producers and buyers just a week before an OPEC meeting that it intends to meet customer demand with more output if necessary.

The announcement, which was greeted with some skepticism by analysts, comes at a time when the European Union is discussing imposing a ban on oil from OPEC member Iran, a move that could put further upward pressure on oil prices.

A Reuters survey estimated Saudi oil supply in November at 9.45 million bpd, up from 9.40 million bpd in October and 8.25 million bpd in November 2010.

The Organization of the Petroleum Exporting Countries (OPEC) meets in Vienna on December 14 to discuss production policy.

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