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Saudi pumps 10m bpd oil in Nov: Al-Naimi

Singapore, December 7, 2011

Top oil exporter Saudi Arabia produced 10 million barrels per day of oil in November, Bloomberg reported, citing Oil Minister Ali Al-Naimi.

It was unclear if the figure included both crude oil and condensate or just crude.

Al-Naimi, in a speech read out by his adviser Ibrahim Muhanna on Sunday, said the country is producing more than 10 million barrels per day of crude oil and gas condensates.

"We produced 10 million and 40 barrels in November because that's what the customers wanted," Al-Naimi was quoted as saying in the Bloomberg report dated December 6.

The country produced 9.45 million barrels per day (bpd) of crude in November versus 9.40 million bpd in October, according to a Reuters survey.

The kingdom is pumping on average 630,000 bpd of condensates this year, estimated Al Troner, the president of Houston-based Asia Pacific Energy Consulting, in a report this year.

If the output figure Al-Naimi gave on Tuesday includes condensates, then Saudi crude output for November stood at around 9.4 million bpd. Gas condensates are light oils often produced as a byproduct of pumping gas.

Al-Naimi reiterated his view that oil markets were balanced and that the outlook for demand in 2012 was positive.

If Opec members Libya and Iraq pump more oil next year, Saudi Arabia could adjust production if necessary, Al-Naimi was quoted as saying.

Asked whether he thinks supply to the market needs to be altered when Opec meets next week, Al-Naimi replied: "Wait until we meet."

Opec is due to meet on December 14 in Vienna to set output targets for early 2012. Group members, at odds over supply policy since June, looked set to agree on a new production target that legitimises current cartel output around 30 million barrels a day.

Opec at a rancorous June meeting was split between price doves and hawks and failed to agree a deal for the first time in decades.   - Reuters




Tags: Saudi | Oil | Opec | Crude | Al Naimi |

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