[Riyadh / Dubai 14th Reuters]-Saudi Arabia's Abdul Aziz Energy Minister said on October 14 that domestic oil production would surpass the level before the September oil facility attack from October to November.
I mentioned at an investment event in Russia and Saudi Arabia in Riyadh.
Production in October and November is expected to reach 98.86 million barrels per day.
In September, oil production in September was attacked on the 14th, and the daily amount decreased by 660,000 barrels per day from August to 9.13 million barrels.
He expects domestic production capacity to reach 12 million barrels a day by the end of November. The current export is around 6.9 million barrels per day.
The ministry also indicated a policy of continuing voluntary reductions of around 400,000 barrels per day, which is being implemented as part of the coordinated production cuts by the Organization of Petroleum Exporting Countries (OPEC).
According to a source revealed on the 14th, OPEC Plus's compliance rate for September production cuts exceeded 200%.
The minister expressed the recognition that the stability of the crude oil market should be more important than the price of crude oil.
OPEC Plus will meet in December to determine production policy for next year.
“We expect Nigeria, Gabon, South Sudan and Iraq (which failed to meet production targets) to fully comply with the OPEC Plus agreement in October,” he said.
Russia's Minister of Energy, Novak, who attended the same meeting, said there was no talk to change the current coordinated production cut. Russia also said it was fully committed to coordinated production cuts.
Kuwait's Minister of Oil, Faddil, told reporters that it would be “undecided” to expand coordinated cuts. [nL3N27003Y]
