OPEC oil production has approached pre-war levels.

OPEC oil production has approached pre-war levels.

OPEC oil production approached pre-war levels in October as Saudi Arabia led a further recovery in supplies from the Persian Gulf. Oil output by the Organization of the Petroleum Exporting Countries increased by 930,000 bpd in October to 22.8 million bpd, up about 88% from peer output in February, according to a Bloomberg survey.

In October, Saudi Arabia increased production by 970,000 barrels per day, bringing it to 9.2 million barrels per day. That's still about 800,000 barrels a day less than production levels at the start of the year, when the kingdom's oil exports average 7 million barrels a day.

Iraq increased production by 140,000 barrels per day to 4.15 million barrels per day. Kuwait also increased production by 130,000 barrels, to an average of 2 million barrels per day.

The biggest declines were observed in Nigeria and Iran. Oil output in the Islamic Republic fell by 120,000 barrels per day to 1.9 million barrels per day, the lowest level recorded by Bloomberg since 1989.