Citing a Saudi oil industry source, Reuters on Monday reported that Saudi Arabia’s oil production in October was 10.3 million barrels per day (bpd), in line with its OPEC+ output commitment.
“Saudi Arabia’s October oil supply was 9.890M bpd,” the source added. “400,000 bpd difference between production and supply was due to Saudi Aramco replenishing its oil inventories after September 14 attacks.”
These comments failed to help crude oil prices recover today’s losses. As of writing, the barrel of West Texas Intermediate was trading at $56.25, erasing 1.9% on a daily basis.
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