Saudi Arabia pumped a record amount of oil in November

Saudi Arabia pumped a record high amount of crude oil of 10 million daily while Iran and Venezuela propose to decrease oil output to keep price above $100/barrel. Saudi Arabia cited the increased demand that led the country to pump about 10.047m bpd of crude oil in November. Saudi Arabia increased its oil production to compensate oil supply disruptions in Libya; however, as Libya restarted its oil output Saudi Arabia will have to cut amount of oil produced to maintain high crude oil prices.