OPEC+ oil output in October nears pre-Iran war rate, led by Saudi Arabia

Summary

• OPEC+ crude oil production rose to 41.23 million barrels per day in October, an increase of 2.04 million bpd from September.
• Saudi Arabia output surged to 10.563 million bpd in October, its highest level since February, despite Strait of Hormuz disruptions linked to the Iran war.
• Gulf producers appear to be bypassing conflict-related shipment disruptions using workarounds like ship-to-ship transfers.
• October output reached 97 percent of the 42.72 million bpd produced by the group in February.
• Russian oil production increased by 41,000 bpd to 8.668 million bpd, potentially aided by a brief energy ceasefire between Russia & Ukraine.
• OPEC maintained unchanged forecasts for global oil demand growth, projecting 180,000 bpd growth in 2026 & 2.55 million bpd growth in 2027.