OPEC’s crude oil production increased by 40,000 bpd from October to 33.08 million bpd in November, as Saudi Arabia pumped at record highs, more than offsetting—together with the UAE—the drop off in Iran’s oil production, the monthly Platts OPEC survey showed on Wednesday. Saudi Arabia and its Gulf ally the United Arab Emirates set all-time highs in their production in November, the month on which U.S. sanctions on Iran’s oil snapped back, according to the S&P Global Platts survey of shipping data, industry officials, and analysts. OPEC’s de facto leader and largest producer Saudi Arabia saw its oil production soar by 350,000 bpd from October to 11.02 million bpd in November—an all-time high, and 1 million bpd higher than the level at which Riyadh was producing in May this year, after it opened the taps to offset what was expected to be a steep loss of Iranian oil supply […]