Saudi Arabia’s oil exports have hit a record high in November, according to data from a leading tanker-tracking company, ahead of an OPEC supply cut deal takes effect next month when shipments from the kingdom are set to fall by more than 1 million barrels per day.
Geneva-based Petro-Logistics, which tracks oil supply from OPEC members and other major exporters, put Saudi oil exports at 8.105 million bpd in November up from 7.491 million bpd in October, according to data seen by Reuters.
That would suggest that oil exports from Saudi Arabia in December would fall to about 7.6 million bpd and would further drop to around 7 million in January, according to industry sources, as Riyadh follows through on a global deal to cut supply.
OPEC and its Russia-led allies agreed on Friday in Vienna to slash oil production by more than the market expected in a bid to shore up prices despite pressure from U.S. President Donald Trump to reduce the price of crude.
Saudi Energy Minister Khalid al-Falih said in Vienna this week that the kingdom’s oil exports would be less than 8 million bpd in December, down from “the range of 8.3 million bpd” in November.
He also said Saudi Arabia would pump about 10.2 million bpd in January, down from about 10.7 million bpd in December. The kingdom pumped 11.1 million bpd in November.