Saudi Arabia will pump 10.7 million bpd of oil in October and will slightly raise this level in November, Saudi Energy Minister Khalid al-Falih said at an energy forum in Moscow on Wednesday. The comments by the key oilman in OPEC’s largest producer and exporter come just a few days after Brent Crude prices hit earlier this week $85 a barrel—a four-year high—amid concerns that OPEC and allies are not doing enough to offset declining Iranian oil exports and plunging Venezuelan production. Saudi Arabia is currently pumping 10.7 million bpd, al-Falih said today. This is just shy of the Kingdom’s all-time high production of 10.72 million bpd, set in November 2016, just before OPEC and its Russia-led non-OPEC allies started the production cut deal in January 2017. Asked about the Saudi plans for November production, when the U.S. sanctions on Iran’s oil return, al-Falih said that the November output […]