Saudi Arabia’s East-West pipeline, the kingdom’s main route for moving crude around the Strait of Hormuz, came under attack on Monday, the same day a Reuters survey showed OPEC output had recovered to 90% of its pre-war rate.
Saudi Arabia told OPEC that its crude oil production climbed by 26% last month to the highest since before the outbreak of the war, leading a regional output recovery that’s helping to push down prices.
Saudi Arabia told OPEC it raised crude production in October to 10.563 million barrels per day, back near pre-war levels and slightly above its OPEC quota of about 10.5 million bpd, Bloomberg columnist Javier Blas reported on Wednesday. Output rose 26% from 8.