OPEC October Output Nears February Level as Saudi Production Rises

OPEC’s October crude oil production rose to 41.23 million barrels per day, about 97% of its February level, as Saudi Arabia sharply increased output, according to the group’s monthly report. The reported rise came despite continued disruption to shipments through the Strait of Hormuz.

The report put Saudi crude production at 10.563 million barrels per day in October, up from 8.372 million in September. February output was 10.882 million barrels per day. Saudi Arabia’s increase accounted for much of the alliance’s October rise, OPEC’s figures showed.

OPEC’s total output increased by about 2.04 million barrels per day from September. The October figure was 1.49 million barrels per day below the 42.72 million recorded in February. The report’s production estimates for some members rely on secondary sources; Saudi Arabia submitted its own production figure.

A separate report gave materially different estimates, putting Saudi output at nearly 9.2 million barrels per day after an October increase of 970,000 barrels per day, and OPEC’s total at 22.8 million barrels per day. Those numbers differ from the October figures in OPEC’s monthly report, which were reported by three accounts. The...