Crude oil production by the 11-member Organization of the Petroleum Exporting Countries rose by 1.38 million barrels per day in October to 22.87 million barrels per day, reaching 90% of its pre-war output.
A Reuters survey published Monday found that OPEC members had produced 25.48 million barrels per day in February, the last month before the US-Israel war with Iran disrupted oil production and exports across the region.
Saudi Arabia, Kuwait and Iraq led the recovery in production, although overall OPEC output remained below its pre-war level.
Crude oil prices fall in third quarter. The price of natural gas in the Permian Basin (Waha) rose while the national benchmark price (Henry Hub) fell in the second quarter.
Crude -865K, Exp. -1.7MM
Gasoline -222K
Distillates -3.565M
Cushing +280K
Production +11kb/d
SPR drained another 399K to 282MM barrels, just 12MM away from all time low
Crude oil prices fell Tuesday for a second consecutive session, as the market hopes the U.S. and Iran will reach a diplomatic settlement to the eight-month-long conflict that has disrupted global energy supplies.
Read more: