Opec October oil output jumps on swift Saudi recovery: Survey

LONDON: OPEC oil output has bounced in October from an eight-year low as a rapid recovery in Saudi Arabian production from attacks on oil plants more than offset losses in Ecuador and voluntary curbs under a supply pact, a Reuters survey found.

The 14-member Organization of the Petroleum Exporting Countries (OPEC) has pumped 29.59 million barrels per day (bpd) this month, the survey showed, up 690,000 from September’s revised figure which was the lowest monthly total since 2011.

Initially expected to take months, Saudi Arabia’s production recovery from the Sept. 14 attacks took only weeks. Oil has slipped to $60 a barrel after a spike to $72 following the attacks, and analysts expect the kingdom to continue its efforts to support the market.