OPEC raises November oil output by 750,000 bpd

OPEC raises November oil output by 750,000 bpd
OPEC had 102 percent compliance with agreement to cut oil supply in November. (File/AFP)
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Updated 01 December 2020

OPEC raises November oil output by 750,000 bpd

OPEC raises November oil output by 750,000 bpd
  • Members meet this week to discuss the possibility of cutting oil output

The Organization of the Petroleum Exporting Countries (OPEC) increased oil output for the fifth straight month in November, ahead of the next OPEC + meeting.

OPEC raised oil output by 750,000 barrels per day (bpd) to 25.31 million in November, according to a Reuters survey.

Thus, the oil output continued rising from its 30-year low hit in June.

OPEC had 102 percent compliance with agreement to cut oil supply in November.

OPEC+ members will meet on Monday and Tuesday to discuss the possibility of cutting oil output to 2 million bpd as of January.

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PIF to help KSA become a global renewable energy leader, says minister

Minister of Investment Khalid Al-Falih. (Argaam)
Minister of Investment Khalid Al-Falih. (Argaam)
Updated 15 min 58 sec ago

PIF to help KSA become a global renewable energy leader, says minister

Minister of Investment Khalid Al-Falih. (Argaam)
  • The Public Investment Fund will act as a key investment driver, Al-Falih said

RIYADH: Saudi Arabia aims to be a world leader in the field of renewable energy, Al Arabiya TV Channel reported, citing Minister of Investment Khalid Al-Falih.

The Public Investment Fund (PIF) will act as a key investment driver, Al-Falih added.

The global economy has begun to shift to other energy sources, the minister said, noting that the Kingdom made a strong push towards this transformation through its renewable energy strategy, as Minister of Energy Prince Abdulaziz bin Salman announced ambitious goals to produce 50 percent of renewable energy in the Kingdom.

Al-Falih also noted that the strategies and policies announced by the Kingdom aim to maintain its leadership in energy sector, as it was during the oil era, amid transitioning to global leadership beyond oil amid the current global transformation.

According to data compiled by Argaam, the PIF’s board of directors, chaired by Crown Prince, Deputy Prime Minister and Chairman of the Council of Economic and Development Affairs, Mohammed Bin Salman, approved the fund’s strategy for the next five years to 2025.