Saudi Arabia has significantly increased its crude oil production, reaching 10.563 million barrels per day in October. This marks a 26% jump from September's output of 8.372 million bpd, bringing production close to pre-war levels. The kingdom's output is slightly above its OPEC quota of about 10.5 million bpd, according to Bloomberg columnist Javier Blas.
The increase comes as Saudi Aramco adjusted its export routes, utilizing both the Persian Gulf terminals and the East-West pipeline to Yanbu on the Red Sea. Despite a recent attack on the pipeline that sparked a limited fire, operations were not disrupted, according to Saudi Arabia's Energy Ministry.
OPEC's monthly report indicated that total OPEC+ crude output rose to 41.23 million bpd in October, up from 2.04 million bpd in September. Iran's production dropped to about 1.91 million bpd, its lowest in 40 years, due to a U.S. naval blockade. Meanwhile, Iraq reported producing more than 5 million bpd, exceeding its OPEC+ target of 4.431 million bpd.
Brent crude prices rose 1.4% to $92.73 per barrel, while WTI gained 1.3% to $87.13. However, attacks on Hormuz shipping are countering hopes for a U.S.-Iran truce, according to Reuters.