Saudi Arabia raised the production of oil in November to the highest level in the country’s history amid US President Donald Trump’s calls to lower oil prices.
An OPEC meeting, at which the members will consider how to arrest a decline in oil prices, will be held after the leaders of top global oil producers — Russian President Vladimir Putin, Saudi Crown Prince Mohammed bin Salman and Trump — travel to Argentina for a G20 summit this week. Saudi Arabia is expected to refrain from production cuts, an industry source told Reuters on Monday.
Saudi oil industry sources have indicated they want prices to stay above $70 per barrel, and Saudi energy minister Khalid al Falih said this month that global oil supply could exceed demand by over one million BPD next year, asking OPEC to intervene, Reuters reported. Falih also noted that state oil giant Saudi Aramco would ship 0.5 million BPD less crude in December than in November following falling demand from customers.