Saudi Oil Output Hits Wartime High of 10.56 Million Barrels a Day in October

According to Saudi Arabia's report to OPEC, the country's crude oil production in October rose to 10.56 million barrels per day.

Iraq has also reported a wartime record in oil production of almost 4.9 million barrels per day - significantly above its OPEC quota.

The increased oil supply from countries around the Persian Gulf has helped push prices down significantly. The price of North Sea crude oil (Brent) fell by 21 percent in November alone.

According to an OPEC source, Iran's oil production in October was reported to have been around 1.91 million barrels per day, the lowest level in 40 years.