#SaudiOilOutputRises

About SaudiOilOutputRises

OPEC’s latest report puts Saudi-reported October crude output at 10.563M bpd, up ~2.19M MoM and the highest since the Iran conflict began. Secondary sources estimate 9.194M bpd. Crude and refined product exports reached ~7.9M bpd, versus 5.8M in September. The US maintains its naval blockade of Iran, which demands blockade and sanctions relief before Hormuz shipping resumes. Supply is recovering, but shipping restrictions persist, leaving oil prices sensitive to further developments.