OPEC's crude oil daily output in October increased by 930,000 barrels to 22.8 million barrels

OPEC crude oil production continued to recover last month, gradually approaching pre-war levels. A Bloomberg survey reveals that Saudi Arabia is leading the sustained recovery of crude supply in the Persian Gulf region. According to the survey, OPEC's crude oil daily output in October increased by 930,000 barrels, reaching 22.8 million barrels per day, about 88% of the pre-war daily output of the relevant member states in February. As the leading country in OPEC, Saudi Arabia contributed the majority of the increase. Although hostilities triggered by the US-Iran conflict are still ongoing, Saudi Arabia is gradually resuming the transport of oil tankers through the Strait of Hormuz and loading crude at ports along the Red Sea. The production growth in Iraq and Kuwait was offset by declines in Nigeria and Iran. Due to the US maritime blockade, Iran's daily crude oil output fell to the lowest level in at least 30 years. The restoration of OPEC supply has helped international oil prices fall back from last month's highs, bringing hope of easing high fuel costs for the global economy. This week, Brent crude futures briefly fell to around $98 per barrel, after US President Trump signaled a softening of tensions following the Republican defeat in the midterm elections.