OPEC+ crude oil production jumped in October, led by a sharp increase in Saudi Arabia's output despite continued disruptions to shipments through the Strait of Hormuz caused by the war with Iran.
The OPEC+ group, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, pumped 41.23 million barrels per day in October, OPEC said in a monthly report, up about 2.04 million bpd from September.
The figures, based on secondary sources, add to signs that Gulf oil producers are recovering exports by using workarounds such as ship-to-ship transfers to bypass disruption caused by the conflict.
According to Reuters calculations based on OPEC data, October output was equivalent to 97% of the 42.72 million bpd OPEC+ produced in February.
Saudi Arabia told OPEC it pumped 10.563 million bpd in October, the report said, up from 8.372 million bpd in September. That was its highest output since February, when it reported production of 10.882 million bpd.
Riyadh sharply increased its production in February ahead of US and Israeli strikes on Iran. Saudi Arabia has frequently intervened in oil markets, boosting supply during disruptions or curbing output when it sees a risk of oversupply.
