Iraq's October Oil Production Rises to 4.6 Million Barrels, Highest Level Since 2019

Iraq's daily oil production in October increased by 540,000 barrels to reach 4.6 million barrels, marking the highest level since September 2019. The International Energy Agency (IEA) noted that despite shipping disruptions caused by the Iran war, Gulf oil producers have still increased crude oil supply. The IEA's monthly report indicated that Gulf oil producers (excluding Oman) increased their export volume by 950,000 barrels per day in October, reaching 18.4 million barrels per day, but still 26% lower than pre-war levels. The UAE maintained its daily production at around 4.4 million barrels, close to its maximum capacity. Saudi Arabia raised its daily production by 1.1 million barrels to 10 million barrels, below the 10.56 million barrels reported to OPEC.

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