Saudi Arabia raises oil output 26% in October

GreyOak summary

Saudi Arabia increased crude production by 26% in October to 10.56 million barrels per day, the highest level since before the war began. This surge, alongside Iraq's output hike, is pushing down global oil prices, with Brent futures dropping roughly 21% to $93 a barrel. OPEC is now assessing member capacities to calibrate output limits for 2027.