Saudi oil production rebounds to near prewar levels
Saudi oil production rebounded in October, driving up overall output by OPEC members to near prewar levels for the first time and helping keep down crude prices even as Iranian attacks in the Strait of Hormuz have picked up.
Key points
- OPEC production rose by 1.97 million barrels a day, the majority of which was accounted for by higher Saudi output, according to the latest data from the cartel.
- Boosting oil flows is essential for Gulf states as they look to restore public finances bruised by the war and higher spending on new trade routes and defense.
- US military escorts, ship-to-ship transfers, and pipelines to ports away from the Strait of Hormuz have all helped restore output, although Saudi Arabia has stepped up shipments through its eastern ports as Houthi militias in Yemen threaten the Bab el-Mandeb strait.
Russia’s crude output rose to 8.73 million barrels a day in October as recovering Gulf exports pushed global supply above demand, the IEA said.
Additional details
- In contrast, Iranian production was almost half of prewar levels, according to OPEC.
- Iraq and UAE output also hit fresh highs for the year.
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