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Saudi Oil Minister Suggests Kingdom's Output Reaches a Record

  • Saudis pumping more than 10.7 million barrels a day: Al-Falih
  • Biggest exporter ‘won’t flood market’ as OPEC+ mulls a cut
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Saudi Arabia is producing oil in excess of 10.7 million barrels a day, more than in recent years, Energy Minister Khalid Al-Falih said, giving the strongest indication yet that the kingdom has boosted output to record levels.

At the same time, the world’s biggest exporter will respond to demand for oil and won’t oversupply the market, he told reporters on Thursday at the mining complex of Wa’ad Al Shamal in northwestern Saudi Arabia. Demand for Saudi crude may be lower in January than in December, he said.