RIYADH/VIENNA: OPEC+ crude oil output rebounded in October to nearly its pre-Iran war level, driven by a sharp increase in Saudi production despite continued disruptions to oil shipments through the Strait of Hormuz.
Saudi Arabia reported its highest output since the war began, helping lift the alliance’s combined production to 41.23 million barrels per day, according to OPEC’s monthly report released Wednesday.
That represented an increase of approximately 2.04 million bpd from September and brought production to about 97 percent of the 42.72 million bpd recorded in February, according to Reuters calculations based on OPEC data, reported Asharq Al-Awsat.
The rebound highlights the ability of Saudi Arabia and other Gulf producers to restore supplies despite the war’s continuing impact and restrictions on tanker movements through the strategic waterway.
Some producers have worked around the disruptions through alternative shipping arrangements, including ship-to-ship oil transfers, and pipelines that allow crude exports to bypass the strait.
Saudi Arabia informed OPEC that its crude output rose to 10.56 million bpd in October, up from approximately 8.37 million bpd in September, an increase of nearly 26 percent.
That marked its highest level since February, when production reached 10.88 million bpd.
The Kingdom had raised output in February, ahead of US and Israeli strikes on Iran, reflecting its readiness to bolster supplies amid expectations of escalating…
