OPEC+ Oil Production Rises in October, Nearing Pre-Iran War Rates

OPEC+ crude oil production jumped in October, led by a sharp increase in output from Saudi Arabia despite continued disruption to shipments through the Strait of Hormuz caused by the Iran war.

The OPEC+ group, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, pumped 41.23 million barrels per day in October, OPEC said in a monthly report on Wednesday, up about 2.04 million bpd from September.

The figures, based on secondary sources, add to signs that Gulf oil producers are recovering exports by using workarounds such as ship-to-ship transfers to bypass disruption caused by the conflict.

According to Reuters calculations based on OPEC data, October output was equivalent to 97% of the 42.72 million bpd produced by OPEC+ in February.

This story was originally published by MarineLink. Read the full story at MarineLink →