Saudi Arabian oil producers plan to increase crude output in November from the current rate of 10.7 million barrels per day (bpd) to meet growing demand, according to Khalid al-Falih, the Saudi Arabian energy minister. The kingdom is planning a record production boost for November, with an initial target set at 10.5 mbd, and will aim to raise that figure by another 500,000 bpd next year, he said. The move follows US President Donald Trump's call to OPEC to boost output in order to reduce prices before midterm election in November. Russian Energy Minister Alexander Novak told reporters before the conference that the global oil market had more or less stabilized but uncertainties remained that could push up prices, including factors such as U.S. sanctions on Iran. Last month, Russia produced a record 11.36 million bpd.
Saudi Arabian oil producers plan to increase crude output in November from the current rate of 10.7 million barrels per day (bpd) to meet growing demand, according to Khalid al-Falih, the Saudi Arabian energy minister. The kingdom is planning a record production boost for November, with an initial target set at 10.5 mbd, and will aim to raise that figure by another 500,000 bpd next year, he said. The move follows US President Donald Trump's call to OPEC to boost output in order to reduce prices before midterm election in November. Last month, Russia produced a record 11.36 million bpd.