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Saudi Arabia boosts Oct crude production to 10.3 mil b/d: source

Saudi Arabia’s October wellhead crude production surged to 10.3 million b/d, an industry source in the kingdom told S&P Global Platts Monday, demonstrating its recovery from the September 14 missile strikes on its Abqaiq processing facility and Khurais oil field.

The source added that Saudi Arabia supplied 9.89 million b/d of that output to market, with the remainder going into storage to replenish barrels withdrawn to fulfill customer commitments in the immediate wake of the attack.

The production level is right at its quota of 10.31 million b/d under an OPEC/non-OPEC output cut agreement that is scheduled to run through March.

Prior to the attack, Saudi Arabia had been producing well under its quota in order to lead the OPEC/non-OPEC coalition by example and hasten the rebalancing of the market.

The attack forced Saudi Arabia to temporarily take 5.7 million b/d — about half — of its production capacity offline.

State-owned Saudi Aramco, which is preparing for its debut share listing on the Saudi domestic stock exchange next month, has since said it had restored all of its lost output, but rebuilding its full production capacity of some 12 million b/d would take until the end of November.

Several secondary sources used by OPEC to monitor output, including Platts, and other independent barrel counters have pegged Saudi Arabia’s October output as much lower. Platts estimated it at 9.8 million b/d.
Source: Platts

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