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OPEC crude production rose to 22.8 million barrels daily in October

OPEC crude oil output increased significantly in October, driven by recovering Saudi Arabian supplies that brought total group production closer to pre-war volumes.

FTMQ Climate, written by our newsroom0 views

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Picture: Rigzone News

The Organization of the Petroleum Exporting Countries increased its crude oil output by 930,000 barrels per day in October, according to a Bloomberg survey cited by Rigzone. Total production reached 22.8 million barrels a day. This volume represents approximately 88 percent of the amount that the same member states produced in February. [1]

Saudi Arabia accounted for most of the overall supply increase, Rigzone reported. The country was able to raise its output by navigating tankers through the Strait of Hormuz and loading crude oil cargoes along its Red Sea coastline despite active regional hostilities. [1]

The Organization of the Petroleum Exporting Countries was founded in September 1960 in Baghdad by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The intergovernmental organization currently has 11 member countries. In 2022, member nations accounted for 38 percent of global oil production and held an estimated 79.5 percent of the world's proven oil reserves. [4]

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In short

  • OPEC crude production rose by 930,000 barrels per day in October to reach 22.8 million barrels daily.
  • October output reached roughly 88 percent of the volume pumped by the same members in February.
  • Saudi Arabia led the production increase by loading crude on its Red Sea coast and moving tankers through the Strait of Hormuz.

Sources

Every paragraph above points to the numbered items it rests on. Read the originals here.

  1. [1]Survey Shows OPEC Output Neared Pre-War LevelsRigzone News, 1d ago (the report this story comes from)
  2. [2]Survey Shows OPEC Output Neared Pre-War LevelsRigzone, 1d ago
  3. [3]OPEC Output Nears Pre-War Levels as Saudi RampsBriefs Finance, 2d ago

Background

  1. [4]OPEC on Wikipedia
  2. [5]Economic consequences of the Russo-Ukrainian war (2022–present) on Wikipedia
  3. [6]Survey highlights gap between daily range needs and EV expectations FTMQ Climate, 30d ago
  4. [7]Equatorial Guinea passes flexible hydrocarbon law to reverse sharp oil decline FTMQ Climate, 22d ago

Our newsroom writes these reports with the help of software, from the 7 sources listed and nothing else, and checks them against those sources. Facts can still be wrong or move on; the originals are the record. Spotted a mistake? Write to daniel@monsterkong.com.

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