Iraq produced 4.6 million barrels of crude oil per day in October, its highest rate since 2019, as output rose sharply across several Gulf producers and more oil moved through the Strait of Hormuz, according to the International Energy Agency.
The IEA’s November Oil Market Report said Iraqi production increased by 540,000 barrels per day from September. October output was about 170,000 barrels per day above Iraq’s OPEC+ quota.
Kuwait raised production from 1.58 million barrels per day in September to 2.03 million in October, but remained about 650,000 barrels per day below its OPEC+ ceiling. Saudi Arabia’s output, as estimated by the IEA, climbed by about 1 million barrels per day to 9.99 million, from 8.93 million in September. That estimate placed production 480,000 barrels per day below the kingdom’s quota.
Saudi Arabia reported a higher October figure to OPEC: 10.563 million barrels per day, slightly above its quota of about 10.5 million and near pre-war levels. The kingdom said some of the increase went into storage, limiting the rise in oil supplied to the market. Saudi supply for domestic and overseas use was 7.122 million barrels per day in August, 7.988 million in September and 9.2 million in October. Reported production for those months was 6.238 million, 8.372 million and 10.563 million barrels per day, respectively.
Gulf producers have increased output in recent weeks as flows through the Strait of Hormuz rose significantly from August. Oil has been carried through the chokepoint on smaller tankers before cargoes are transferred to supertankers in the Gulf of Oman.
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