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Saudis Raise Oil Output to Near-Record Amid Pressure From Trump

Posted October 03, 2018

Under Economic Issues, International Trade Issues

(Elena Mazneva, Jack Farchy & Dina Khrennikova – Bloomberg)

Saudi Arabia has increased crude production “significantly” to a near-record level amid intense pressure from U.S. President Donald Trump to reduce prices.

OPEC’s largest producer is currently pumping about 10.7 million barrels a day, Energy Minister Khalid Al-Falih told reporters in Moscow on Wednesday. That’s just shy of the record set in November 2016, before the kingdom and allies including Russia agreed to cut production to boost prices.

“We’re meeting every single demand for barrels,” Al-Falih said. “We’ve increased production quite significantly. We just have to be responsive to demand” because some would say the market is currently oversupplied, he said. Click here to read more.