Saudi Arabia Boosts Oil Production to 10.56 Million Barrels
Saudi Arabia increased October crude oil production by 26%, driving a broader OPEC+ output recovery despite ongoing conflict and blockades in the region.
The Government of Saudi Arabia increased its crude oil production in October to 10.563 million barrels per day, a 26% jump from September. This surge represents the kingdom's highest production level since February and slightly exceeds its OPEC quota of approximately 10.5 million barrels per day. While total wellhead output rose, official data shows market supply, net of storage, was 9.203 million barrels per day.
This increase contributed to a wider OPEC+ production rise to 41.23 million barrels per day in October, reaching 97% of pre-war levels. Russia also saw a slight increase to 8.668 million barrels per day, potentially following an energy ceasefire between Russia and Ukraine announced by Donald Trump. Iraq reported production exceeding its 4.431 million barrel target, though the Iraqi Oil Ministry later reaffirmed its commitment to that ceiling.
Regional instability continues to impact the market. Iran's production fell to a 40-year low of approximately 1.91 million barrels per day due to a U.S. naval blockade. Additionally, shipments through the Strait of Hormuz remain disrupted by the war with Iran, forcing Gulf producers to use workarounds like ship-to-ship transfers. Saudi Aramco continued exports via Persian Gulf terminals and the East-West pipeline, despite a limited fire caused by a pipeline attack on November 10 that did not disrupt operations.
