Kuwait's Oil Production Rises by 130,000 Barrels to Reach 2 Million Barrels

OPEC’s crude oil production rose last month, approaching pre-war levels, as Saudi Arabia led additional supply recovery from the Gulf region, according to a Bloomberg survey. OPEC output increased by 930,000 barrels per day in October to 22.8 million barrels per day, equivalent to about 88% of the volumes pumped by member countries themselves in February, the survey said. Iraq recorded the second-largest production increase among OPEC members in October, raising its output by 140,000 barrels per day to 4.15 million barrels per day. Kuwait followed, with an increase of 130,000 barrels per day, bringing its average production to 2 million barrels per day, according to the survey. On the other hand, the largest production declines were recorded in Nigeria and Iran. Iran’s output fell by 120,000 barrels per day to 1.9 million barrels per day, the lowest level in Bloomberg’s monthly data since 1989. No oil tankers were detected in satellite imagery at the country’s main oil loading terminals, such as Kharg Island, since late August, as the United States continues to impose a blockade on Iranian ports. OPEC and its allies are reviewing the technical production capacity of each member country in preparation for setting 2027 production targets, when ministers meet on November 29.