OPEC output recovers near pre-conflict levels as Brent tops $90
OPEC's oil production has largely rebounded in October, even as attacks on tankers near the Strait of Hormuz continue.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
This story is no longer being updated. It reflects reporting up to .
What happened
Surveys show core OPEC members continued recovering oil output in October despite escalating attacks on oil tankers around the Strait of Hormuz, with output near 90% of pre-conflict levels. OPEC+7 kept its December production targets unchanged, a move analysts expected amid Gulf supply uncertainty. Brent crude rose above $90 a barrel, trading at $92.36 after briefly falling to two-month lows earlier in the week.
Why it matters
Analysts say the December decision sets the stage for a more consequential move, and OPEC ministers are scheduled to meet on November 29.
Timeline
- Nov 9, 4:52 PM ET: Surveys showed Saudi Arabia's crude output rose 970,000 barrels per day in October while Iran fell to a 37-year low.
- Nov 10, 12:24 AM ET: OPEC+7 kept oil production unchanged for December, a widely expected move.
- Nov 11, 12:51 AM ET: Brent crude rose above $90 a barrel and was trading at $92.36 after briefly falling to two-month lows earlier that week.
Coverage
- Midweek Oil Wrap: Brent Tops $90 A Barrel After Pulling Back Briefly, OPEC October Oil Output, Strategic Petroleum Reserve And More (stocktwits.com)
- OPEC production around 90% of pre-conflict levels in Oct: surveys (Quantum Commodity Intelligence)
- Middle East oil flows recover slowly as Hormuz risks persist
- OPEC+ holds output steady as Iraq seeks bigger quota
- Iraq seeks higher OPEC quota as output claims face doubt
- Iraq asks OPEC+ for bigger oil output allowance
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