Oil production nears pre-Iran war levels, OPEC says
Summary
Saudi Arabia produced 10.563 million barrels of crude oil per day in October, its highest output since before the Iran war disrupted supplies in February. OPEC said output across the OPEC+ group rose by about 2.04 million barrels per day from September, as Saudi Arabia and Russia increased production.Key Facts
- Saudi Arabia’s October crude output was more than 2 million barrels per day above its September level.
- Saudi Arabia produced 10.882 million barrels per day in February, before the war began.
- OPEC+ produced 41.23 million barrels per day in October, according to the group’s monthly report.
- The report said Russia’s oil output increased after President Donald Trump lifted sanctions on Russian energy and announced an energy ceasefire between Russia and Ukraine.
- The article said U.S. gasoline prices fell below $4 a gallon for the first time in months.
- Japan’s crude oil imports fell sharply in September amid renewed disruptions to trade flows.
- OPEC said the United Arab Emirates supplied 49 percent of crude imports in September, the United States 28 percent, and Saudi Arabia 14 percent.
- The article said Saudi Arabia has used its East-West Pipeline to help recover oil exports despite attacks on the route.
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