Saudi Crude Output Jumps 26% as Riyadh Reports Near Pre-War Production

Detailed summary

Saudi Arabia told OPEC it raised crude production in October to 10.563 million barrels per day, back near pre-war levels and slightly above its OPEC quota of about 10.5 million…

Saudi Crude Output Jumps 26% as Riyadh Reports Near Pre-War Production

Saudi Arabia told OPEC it raised crude production in October to 10.563 million barrels per day, back near pre-war levels and slightly above its OPEC quota of about 10.5 million bpd, Bloomberg columnist Javier Blas reported on Wednesday. Output rose 26% from 8.372 million bpd in September to the highest level since February, when the kingdom reported 10.882 million bpd in the last month before the Iran war disrupted Middle East supply, according to Reuters.

Riyadh’s official data put supply to the market, net of storage, at 9.203 million bpd, with the rest of October’s wellhead output going into storage, Blas said. Saudi Aramco moved its exports through two routes, the Persian Gulf terminals and the East-West pipeline to Yanbu on the Red Sea. On Monday, an attack on that pipeline started a limited fire, which emergency crews put out without disrupting operations, according to Saudi Arabia’s Energy Ministry.

OPEC’s monthly report, based on secondary sources, put total OPEC+ crude output at 41.23 million bpd in October, up 2.04 million bpd from September. Iran pumped about 1.91 million bpd, its lowest in 40 years, according to an OPEC source cited by the Swedish news agency TT, as the U.S. naval blockade kept its exports shut in. Iraqi Oil Minister Basim Mohammed Khudair said last week that Iraq was producing more than 5 million bpd, well above its 4.431 million bpd OPEC+ target. Shortly afterward, the Oil Ministry reaffirmed its commitment to that ceiling and said October output had risen, without giving a figure. The IEA estimated Iraq’s September output at 4.1 million bpd.

OPEC+ is reviewing each member’s maximum production capacity ahead of a November 29 ministerial meeting that will set 2027 output targets, and Iraq wants its baseline built on capacity of around 6 million bpd. Brent crude was up 1.4% at $92.73 per barrel at 9:27 a.m. ET on Wednesday, and WTI gained 1.3% to $87.13.

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