Saudi Arabia: Saudi oil output largely stable in October
Latest reading: Brent crude oil prices averaged USD 75.27 per barrel in October, up 3.0% from September. On 31 October, the commodity traded at USD 73.19 per barrel, up 1.7% from 30 September. Prices gained ground on heightened tensions in the Middle East.
Turning to production, Saudi oil output came in at 8.97 mbpd (million barrels per day) in October, largely unchanged from 8.96 mbpd in September and remaining at one of the lowest levels of the past decade.
Outlook: After contracting for the second consecutive year in 2024, oil output should recover in 2025, coming close to peak levels of around 10 mbpd by the end of the year; from January 2025, Saudi Arabia and its OPEC+ allies will begin hiking output.