Saudi oil output at 9.4m bpd in October
Top oil exporter Saudi Arabia produced around 9.4 million barrels per day (bpd) of crude oil in October, steady from 9.39m bpd in September, Saudi oil industry sources told Reuters on Tuesday.
"The market is well balanced so that's why production is almost the same as September," said one source who declined to be named. Saudi Oil Minister Ali Al-Naimi said in early June the kingdom would produce all the oil needed after OPEC talks over a coordinated output increase to make up for the shutdown of Libyan oilfields collapsed in Vienna.
"Libya's production is not back yet and it's hard to tell when it will be...and Saudi will continue to supply the market with what it needs," the source added. Libya was the only OPEC member to boost output substantially in October, according to the Reuters survey . Exports and domestic use rose to 250,000 bpd, according to the survey, from 80,000 bpd in September.
Supply is still a fraction of the 1.6 million bpd it produced before the uprising in February against the rule of former leader Muammar Gaddafi.
Officials in OPEC have said the prospect of the Gulf members cutting output substantially is unlikely at current prices, which are well above $100 a barrel for Brent crude.
"It's still too early to say what will happen in the coming OPEC meeting but one thing for sure is that Saudi and the other Gulf countries will continue to keep the market well supplied," said the source.
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