OPEC October Crude Output Jumps Toward Prewar Levels as Gulf Production Rebounds

OPEC crude output rebounded sharply in October, approaching prewar levels despite persistent Middle East conflict and logistics bottlenecks. Reports indicate production surged by 1.38 million to nearly 2 million barrels per day, reaching between 22.87 million and 27.2 million bpd. The rebound was spearheaded by Saudi Arabia, which boosted output from 8.4 million bpd in September to roughly 10.6 million bpd in October, alongside gains from Kuwait and Iraq. However, Strait of Hormuz transits remain depressed at 4 million bpd versus 17 million bpd pre-conflict, prompting Saudi Aramco to widen December discounts to Asia.