Saudi Arabia is producing oil in excess of 10.7 million barrels a day, more than in recent years, Energy Minister Khalid Al-Falih said, giving the strongest indication yet that the kingdom has boosted output to record levels. At the same time, the world’s biggest exporter will respond to demand for oil and won’t oversupply the market, he told reporters on Thursday at the mining complex of Wa’ad Al Shamal in northwestern Saudi Arabia. Demand for Saudi crude may be lower in January than in December, he said. “We were at 10.7-something in October, and we are above that. We will know exactly when the month is over,” Al-Falih said. “We will not flood the market. We will not send oil that customers don’t need. And we’ve started doing that in December, and I expect we’ll continue doing […]