Saudi Arabia pumped record-high amounts of oil in November, despite talks over lowering output

Saudi Arabia pumped record-high amounts of oil in November, amid talks over a global deal to cut production, defying market expectations of lower output on slower domestic demand and refinery maintenance.

The world's top oil exporter told the Organization of the Petroleum Exporting Countries it pumped 10.72 million barrels per day last month, an OPEC source said, up from 10.625 million bpd in October.

In July, the kingdom's production was 10.67 million bpd, the previous high.

Iraq said its November output was 4.8 million bpd, up from 4.776 million bpd in October, another OPEC source said, as oil exports reached a record high of 4.051 million bpd.

Gulf OPEC member Kuwait reported output at 2.9 million bpd in November, lower than its 3 million bpd in October, while the United Arab Emirates kept its output virtually steady at 3.195 million bpd, according to official figures reported to OPEC.

More at Reuters.

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