Oil production nears pre-Iran war levels, OPEC says

Saudi Arabia has boosted crude outputs to their highest levels since before the Iran war disrupted supplies in February, triggering a global energy and shipping crisis. An OPEC report issued on Wednesday said the world’s biggest oil exporter pumped 10.563 million barrels per day (bpd) of crude in October, up by over two million bpd from its September output.

That is the highest level since the United States and Israel launched the war on Iran in late February, when Saudi Arabia produced 10.882 million bpd. Rising oil production by Saudi Arabia and Russia helped increase outputs for the OPEC+ group , which includes the Organization of the Petroleum Exporting Countries (OPEC) and other nations including Russia.

OPEC+ pumped 41.23 million bpd in October, up by about 2.04 million bpd from September, according to its monthly report. Russia’s output increased as US President Donald Trump lifted sanctions on Russian energy and announced an “ energy ceasefire ” between Ukraine and Russia in mid-October.