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. Khalid al-Falih had previously met with Saudi Arabian OPEC Minister Alexander Novak to discuss lifting output to cool prices, as prices were approaching $ 12 cents a barrel. The move follows US President Donald Trump 's call to OPEC to boost output in order to reduce prices before midterm election in November . Asked about surging oil prices, Falih said the current price “was not based on fiscal flows of supply and demand”. Last month , US 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. Khalid al-Falih had previously met with Saudi Arabian OPEC Minister Alexander Novak to discuss lifting output to cool prices, as prices were approaching $ 12 cents a barrel. 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 , US produced a record 11.36 million bpd.