OPEC+ Oil Production Rebounds Sharply In October; Here’s What’s Driving The Surge

Non-OECD economies are expected to account for most of the projected increase. (File Photo)

Global oil supply experienced a major improvement in October as OPEC and its partner nations ramped up crude production, with Saudi Arabia accounting for the largest portion of the increase. The recovery comes at a time when energy markets remain on edge due to geopolitical tensions in West Asia, concerns over shipping disruptions and uncertainty surrounding the stability of international oil supplies.

According to the November Monthly Oil Market Report published by the Organisation of the Petroleum Exporting Countries (OPEC), crude production by countries participating in the Declaration of Cooperation (DoC), comprising OPEC members and allied producers, climbed by approximately 2.04 million barrels per day (mb/d) compared with September. Total output averaged 41.23 mb/d during October.

The increase represents a substantial recovery in production after several months of fluctuations, although geopolitical risks continue to shape the outlook for global energy markets.

Saudi Arabia emerged as the biggest contributor to the increase in OPEC+ output. Figures based on secondary sources cited in the OPEC report showed that the kingdom raised its crude production by 1.18 million barrels per day, taking its October output to 9.19 mb/d.

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Original source: https://www.timesnownews.com/business-economy