OPEC+ oil output surges in October despite disruptions in the Strait of Hormuz.
OPEC+ oil output rose by 2.04 million barrels per day (bpd) in October to 41.23 million bpd, driven by a sharp rise in Saudi output despite continued disruptions to shipments through the Strait of Hormuz amid the US-Israel war in Iran, according to OPEC's monthly report released on Wednesday.
The data, based on secondary sources, indicates that Gulf producers are restoring exports through alternative arrangements, including ship-to-ship transfers, to circumvent disruptions caused by the war, Reuters reported. Output in October reached 97% of February's level of 42.72 million bpd, while Saudi production climbed to 10.563 million bpd from 8.372 million bpd in September, the highest level since February.