Business · Energy & Commodities · 4 hrs ago
Saudi oil output nears prewar levels as OPEC+ production rises
Saudi Arabia pumped 10.563 million barrels of crude per day in October, its highest level since the Iran war disrupted supplies in February.
The figure was more than two million barrels per day above September’s output, but remained below the 10.882 million barrels per day produced in February.
OPEC+ output also rose by about 2.04 million barrels per day, reaching 41.23 million in October, with increases from Saudi Arabia and Russia.
The war, launched by the United States and Israel in late February, disrupted oil shipments, including through the Strait of Hormuz.
Saudi exports have stabilised despite continuing shipping problems, with producers using workarounds such as transferring oil between ships.
More oil supply could put downward pressure on prices, but higher Saudi output does not guarantee cheaper fuel for consumers.
Saudi Arabia pumped 10.563 million barrels of crude per day in October, its highest output since before the Iran war disrupted supplies.
The figure was more than 2 million barrels per day above September output, according to an OPEC report issued on Wednesday.
Saudi output in October was close to the 10.882 million barrels per day reported in February, before the war began.
OPEC+ production also rose in October, reaching 41.23 million barrels per day.
The report said Saudi exports had stabilised despite continued shipping disruptions and attacks on the East-West Pipeline.
- Who
- Saudi Arabia, the world’s biggest oil exporter.
- What
- It pumped 10.563 million barrels of crude per day in October, near prewar levels.
- When
- October 2026; the OPEC report was issued on Wednesday, November 11.
- Where
- Saudi Arabia.
- Why
- The sources do not state why Saudi Arabia raised production. The increase came as producers worked through supply and shipping disruptions linked to the Iran war.
This story does not have two clearly opposing sides.
The United States and Israel launched the war on Iran, disrupting supplies.
Saudi Arabia’s crude output was more than 2 million barrels per day below its October output.
Saudi Arabia pumped 10.563 million barrels per day of crude, while OPEC+ pumped 41.23 million barrels per day.
OPEC issued its monthly report with the October production figures.
- Saudi crude output in October
- 10.563 million barrels per day
- Saudi crude output in February
- 10.882 million barrels per day
- OPEC+ output in October
- 41.23 million barrels per day
- Saudi export share in September
- 14 percent
- UAE export share in September
- 49 percent
3 sources
What people are saying
When more oil enters the global market, prices generally come under downward pressure, which can eventually translate into lower gasoline, transportation, and production costs in the United States.
However, higher Saudi production does not automatically mean lower prices at American gas stations.