Saudi Arabia Hikes October Crude Output to 10.563 Million Barrels Per Day

Saudi Arabia raised crude oil output to 10.563 million barrels per day in October, reaching its highest level since February. The kingdom sharply increased production by over 2.19 million barrels per day from 8.372 million barrels per day in September, rebounding close to prewar levels prior to late-February regional supply disruptions. To bypass Strait of Hormuz bottlenecks amid 36 recorded attacks on regional shipping, Riyadh utilized its Yanbu Red Sea terminal and Gulf ports to ship 7.9 million barrels per day of crude and refined products.