Saudi crude output rises 26% to near pre-war level
Saudi Arabia told OPEC it raised October output to 10.563 million barrels a day. That is near pre-war levels and above its quota. Gulf crude exports are at about 80% of pre-war levels, but refined products lag at 35%. Brent crude fell to $92.
Why it matters
More Saudi oil eases supply worries and pressure on fuel prices.
Background
Shipping through Hormuz has been disrupted by the Iran war.
Sources
- OilPrice ↗Nov 11, 10:30 AM ET
- Al Jazeera ↗Nov 11, 3:45 PM ET
- Asharq Al-Awsat ↗Nov 11, 9:22 PM ET
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