DUBAI: Crude oil supplies from Saudi Arabia inched up in November from a month earlier, an industry source said on Friday, signaling no change in the kingdom’s supply, despite a global oil glut and a steep fall in prices.
Saudi supplied 9.420 million barrels of crude oil per day in November, up 40,000 bpd from October, an industry source familiar with the matter said. It supplied 9.36 million bpd in September.
Oil fell $2 a barrel to new five-year lows on Friday after the world’s energy watchdog forecast even lower prices on weaker demand and higher supplies next year. Benchmark Brent oil tumbled to below $62 a barrel and US crude slumped to under $58.
Opec heavyweight Saudi Arabia pumped 9.610 million barrels of oil per day in November, some 80,000 bpd less than its production in October, the source said.
Supplies to the market, both domestically and for export, may differ from production depending on the movement of barrels in and out of storage.
On Friday, the Paris-based International Energy Agency which coordinates the energy policies of industrialized countries, cut its outlook for demand growth in 2015, triggering another drop in prices. Reuters
