OPEC+ supply rebounds, but some Saudi output is going into storage
🛢️ OPEC+ output rose by about 2.04 million barrels per day in October to 41.23 million. The Saudi-led recovery is easing war-related supply shortages.
📊 Saudi Arabia reported production of 10.56 million barrels per day, while market supply reached 9.20 million. The difference went into storage.
📦 Even so, Saudi supply to the market increased by around 1.22 million barrels per day from September. This represents a meaningful recovery, adding downward pressure on oil prices.
⚓ Sustaining these flows depends on shipping security and alternative routes around Hormuz. Further disruption could interrupt the recovery.
🔎 Actual exports and the November 29 OPEC+ meeting remain key to watch. Continued growth in deliveries would strengthen supply pressure on prices.
#OilMarket $CL $BZ
🛢️ OPEC+ output rose by about 2.04 million barrels per day in October to 41.23 million. The Saudi-led recovery is easing war-related supply shortages.
📊 Saudi Arabia reported production of 10.56 million barrels per day, while market supply reached 9.20 million. The difference went into storage.
📦 Even so, Saudi supply to the market increased by around 1.22 million barrels per day from September. This represents a meaningful recovery, adding downward pressure on oil prices.
⚓ Sustaining these flows depends on shipping security and alternative routes around Hormuz. Further disruption could interrupt the recovery.
🔎 Actual exports and the November 29 OPEC+ meeting remain key to watch. Continued growth in deliveries would strengthen supply pressure on prices.
#OilMarket $CL $BZ
