Oil prices on the basis of trading on Friday on the commodity exchanges in London and New York dropped, Kazinform reports.

As a result of trading, the cost of futures for Brent crude for delivery in January on the London Stock Exchange ICE Futures fell by 0.58 dollars to 58.68 dollars per barrel.

The cost of WTI crude oil futures for January delivery on the New York Mercantile Exchange (NYMEX) dropped by 0.52 dollars to 50.93 dollars per barrel.

Oil production in Saudi Arabia has reached new records - the kingdom produces 11.2 million barrels of oil per day, writes Bloomberg, citing a source familiar with the situation.

In October, production in Saudi Arabia was 10.8-10.9 million barrels per day. Saudi Arabian production rose in response to higher demands from consumers who were preparing to cut off oil supplies from Iran because of US sanctions. The kingdom also uses oil from its own and foreign reserves, said agency sources.

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