Iraq’s oil production saw a significant increase in October, reaching its highest level since September 2019. The International Energy Agency (IEA) reported that Iraq, OPEC’s second-largest oil producer, boosted output by 540,000 barrels per day to 4.6 million barrels. This surge came despite ongoing shipping disruptions caused by the Iran war.
The United Arab Emirates also maintained high production levels, close to those recorded in the previous month. The IEA’s monthly report highlighted how Gulf producers are continuing to raise crude flows despite the challenges posed by the conflict.