Saudi Arabia Boosts Oil Production by 26% to War-Time High Saudi Arabia increased its crude oil production by 26% in October to 10.56 million barrels per day, reaching its highest level since before the war. Iraq also raised production to nearly 4.9 million barrels per day. The recovery in oil supplies, despite ongoing regional conflict and disruptions in the Strait of Hormuz, has contributed to falling global oil prices, with Brent crude declining approximately 21% this month to around $93 per barrel. The production surge highlights Saudi Arabia's efforts to restore oil exports and strengthen its market position amid regional tensions and competition with the UAE. Higher supplies could increase pressure on oil prices, particularly as global demand remains constrained. OPEC+ is also reviewing members' production capacities ahead of its November 29 meeting, where output targets for 2027 will be discussed.