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2026-11-06T16:57:01.618Z

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OPEC Nears Prewar Levels

OPEC Nears Prewar Levels

OPEC production rose by 930,000 barrels a day in October to 22.8 million, nearing prewar levels and equal to about 88% of February’s output, according to a Bloomberg survey. Saudi Arabia led the increase, raising production by 970,000 barrels a day to 9.2 million, while Iran’s output fell to 1.9 million—the lowest level in Bloomberg data since 1989. The recovery in supply helped push oil prices lower, with Brent crude trading near $98 a barrel.

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