Saudi Crude Output Jumps 26% in October to 10.56 Million Barrels a Day
Saudi Arabia's October crude production rose 26% to 10.56 million barrels per day, its highest since the war began and near pre-war levels. Iraq also raised output as signs of a surplus and weaker oil price differentials emerged.
· Feedsoft Markets Desk
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TRANSCRIPT
Saudi oil output jumped 26%. Saudi Arabia reported crude production of 10.56 million barrels a day in October.
Highest since the war began. That puts the kingdom's output close to where it was before the war.
Iraq pumped more too. Iraq also raised its output, adding more Gulf supply to the market.
Signs of a surplus. The increase came alongside signs of a surplus and weaker oil price differentials.
Why feed buyers watch this. More crude can add downside pressure on oil, which may ease energy-related feed production and transport costs.
Read the full analysis: feedsoft.ai/events/93877-saudi-arabia-raises-oil-output-26-in-october-to-highest-level-since-war-began
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