With Iran and Iraq spearheading the group’s increased production, OPEC+ witnessed a rise of 180,000 b/d in crude oil output in October, according to S&P Global Commodity Insights’ latest Platts survey. This development intensified supply pressures amid a downturn in market sentiment. Production is now at a five-year high, increasing significantly since sanctions pressure eased after Russia’s invasion of Ukraine. But a further escalation of the conflict in Palestine could bring renewed sanctions enforcement, if Iran is found to be complicit, analysts have said.
- OPEC+ October production rises 180,000 b/d, led by Iraq and Iran: Platts survey