Saudi Crude Output Jumps 26% as Riyadh Reports Near Pre-War Production

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Saudi Arabia reported that crude production rose 26% in October to 10.563 million barrels per day, near pre-war levels and slightly above its OPEC quota. The increase follows supply disruption linked to the Iran war, while reported market supply was lower than production because of storage.

Saudi Arabia told OPEC it raised crude production in October to 10.563 million barrels per day, back near pre-war levels and slightly above its OPEC quota of about 10.5 million bpd, Bloomberg columnist Javier Blas reported on Wednesday. Output rose 26% from 8.372 million bpd in September to the highest level since February, when the kingdom reported 10.882 million bpd in the last month before the Iran war disrupted Middle East supply, according to Reuters. Riyadh’s official data put supply to the market, net of storage, at 9.203 million bpd,…