Saudi Arabia's oil production reaches its highest level

Saudi oil production reached a record high in November as pressure from US President Donald Trump on the kingdom prevented any cuts in production at the OPEC meeting next week, an oil exporter said on Monday. .

The source said Saudi Arabia's crude oil output was between 11.1 and 11.3 million barrels a day during this month, but that average production will not be clear until 39 it will not be finished.

These levels represent about 0.5 million barrels per day – or 0.5% of global demand – compared to October, and more than one million barrels per day compared to the level of production recorded in early 2018, when Riyadh had reduced its production with other members of OPEC.

Saudi Arabia agreed to increase supplies in June following calls from customers, including the United States and India, to reduce oil prices and address supply shortages after that Washington imposed sanctions on Iran. In Tehran, there is fear of an overabundance of supply and prices fell below 60 dollars a barrel Friday after reaching 85 dollars a barrel in October.

Energy Minister Khalid al-Faleh said this month that the global supply of oil could exceed demand for more than a million barrels a day the year next, which would require the OPEC to act.

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OPEC should consider an agreement to cut production at its meeting next week, but Trump called on Saudi Arabia to refrain from making cuts.

"It's very cool that oil prices are falling," said President Donald Trump on Twitter, referring to the reason for the drop in oil prices and comparing the decline to a significant reduction in taxes in the economy .

Trump said last week on Twitter: "Oil prices are falling … Thanks to Saudi Arabia, but to fall further."

Earlier this month, Al-Falih announced that the Saudi oil giant Saudi Aramco would deliver 1.5 million bpd of crude oil in December compared to November, as demand falls.

Saudi Arabia's decisions on oil production could complicate the killing of journalist Jamal Khashoggi at the Saudi Arabian consulate in Istanbul last month.

Trump has supported Saudi Crown Prince Mohammed bin Salman despite calls from many US politicians to impose stiff sanctions on Riyadh, the last word in oil policy, according to Saudi observers, who will try to avoid confrontation with Washington , including the price of oil.