Bloomberg survey: OPEC crude output rose 930,000 bpd in October to 22.80 mln
bpd, about 88% of members’ February pre-war daily output. Saudi Arabia provided
most of the increase, driving a Gulf-region supply recovery. Despite ongoing
US–Iran hostilities, Saudi is gradually resuming tanker transits via the Strait
of Hormuz and loading crude on the Red Sea coast. Gains in Iraq and Kuwait were
offset by declines in Nigeria and Iran; Iranian output fell to at least a
30-year low amid a US maritime blockade. The OPEC supply recovery has helped
pull international oil prices off last month’s highs; Brent futures touched
around $98/bbl this week after Trump signalled de-escalation following
Republican midterm losses.
