The IEA says Gulf producers raised crude supplies despite shipping disruptions
from the Iran war. Iraq’s October output rose 540,000 bpd to 4.6 mln bpd, the
highest since Sept. 2019. Gulf exporters excluding Oman boosted exports by
950,000 bpd to 18.4 mln bpd but remain about 26% below pre-war levels. UAE
production held near 4.4 mln bpd, close to capacity. Saudi output increased 1.1
mln bpd to 10.0 mln bpd, below the 10.56 mln bpd Saudi reported to OPEC. The IEA
said producers maintained flows with discreet lightering via the Strait of
Hormuz and by expanding routes that bypass the waterway.
