Summary

Iraq’s crude oil production hit 4.6 million barrels per day (bpd) in October, the highest since 2019, data from the International Energy Agency’s monthly report showed on Friday, as OPEC’s second-largest producer hiked output by 540,000 bpd from September. Kuwait and Saudi Arabia also boosted their October crude oil output compared to September, as rising volumes of oil are leaving the Strait of Hormuz on smaller tankers, which then transfer the crude cargoes onto supertankers in the Gulf of Oman.

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