Iraq Oil Production Hits Seven-Year High in October
Iraq increased crude oil production to 4.6 million barrels per day in October, the highest level since 2019, according to the International Energy Agency.
The International Energy Agency reported that Iraq's crude oil production reached 4.6 million barrels per day in October, marking the country's highest output level since September 2019. This figure represents an increase of 540,000 barrels per day from September and exceeds Iraq's implied target of 4.43 million barrels per day.
Global oil supply rose to 105.4 million barrels per day in October, supported by increased exports from Gulf producers. Saudi Arabia and Kuwait also raised production, pumping 9.99 million and 2.03 million barrels per day, respectively. These increases follow significant disruptions caused by the U.S.-Israeli war on Iran that began in February. To mitigate risks from ongoing attacks on energy infrastructure and tankers, producers are utilizing low-profile tanker runs through the Strait of Hormuz.
Discrepancies exist between the IEA's estimates and data submitted to OPEC. Iraq reported a higher output of 4.888 million barrels per day for October, while Saudi Arabia reported 10.563 million barrels per day.
