Saudi oil production rebounds close to prewar levels

{"text":[[{"start":7.06,"text":"Saudi Arabia’s oil production rebounded close to prewar levels in October, as the kingdom found ways to keep exports flowing despite an escalation of attacks on shipping and energy infrastructure."}],[{"start":20.02,"text":"Riyadh told the Opec cartel that it produced 10.6mn barrels of crude a day last month, its highest level since the US and Israel began their war against Iran at the end of February."}],[{"start":32.76,"text":"Saudi production in October was higher than the average of the two months leading up to the war, according to data it submitted to Opec. Analysts said a rush to produce and export oil before the start of hostilities contributed to the kingdom’s unusually high output in February."}],[{"start":48.52,"text":"The Iran war caused a collapse in oil shipments from the Gulf after Tehran asserted control over the Strait of Hormuz, the narrow waterway through which about a fifth of the world’s oil would normally pass."}],[{"start":60.94,"text":"With limited storage capacity and few alternative export routes, the region’s biggest oil producers have been forced to curtail production during the conflict."}],[{"start":70.36,"text":"Wednesday’s figures suggest that Opec’s biggest producer and de facto leader has found ways to keep its oil industry running despite the disruption."}],[{"start":null,"text":"

"}],[{"start":79,"text":"Saudi Arabia can export crude from its port of Yanbu on the Red Sea, as well as through its main facilities in the Gulf. It made full use of both routes in October, shipping 7.9mn b/d of crude and refined products, the highest level since the war began, according to data from analytics platform Kpler."}],[{"start":99.78,"text":"It achieved this despite an increase in attacks on merchant shipping in and around the Strait of Hormuz and Bab al-Mandeb, the chokepoint between the Red Sea and the Indian Ocean."}],[{"start":110.1,"text":"There were at least 36 attacks on shipping around the Arabian Peninsula in October, according to the UK’s Maritime Trade Operations centre, the highest frequency of reported strikes during the conflict."}],[{"start":122.14,"text":"Saudi Arabia also came under attack, with Iran-backed Houthi rebels in Yemen targeting aviation and energy infrastructure. Several airports were hit, including the kingdom’s largest in Riyadh, along with the headquarters of state oil company Saudi Aramco and oilfield facilities."}],[{"start":138.94,"text":"The United Arab Emirates left Opec this year and no longer reports oil production data to the organisation. However, according to secondary sources used by Opec, the country produced more than 4mn b/d in October, well above its prewar level."}],[{"start":154.22,"text":"When the UAE announced its decision to leave Opec in April, it said it wanted greater freedom to increase production without the constraints imposed by membership."}],[{"start":168.15,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1794446340_2858.mp3"}