Key facts
- An Energy Ministry official said the East-West pipeline was targeted in the Medina region, causing a limited fire with no casualties.
- The official said operations were not disrupted; the ministry did not state whether the pipeline suffered physical damage.
- A Reuters survey put October OPEC output at 22.87 million bpd, up 1.38 million bpd and 90% of the pre-war rate.
- A separate Bloomberg survey put October output at 22.8 million bpd, up 930,000 bpd and 88% of February levels.
- Saudi Arabia raised output by 970,000 bpd to 9.2 million bpd, more than the group's net increase, per Bloomberg's survey.
- OPEC+ held quotas steady for October and November and extended the hold to December.
Saudi Arabia's East-West pipeline, the kingdom's main route for moving crude around the Strait of Hormuz, was targeted in the Medina region on November 9, according to an Energy Ministry official. The official said the attack caused a limited fire that emergency crews put out, with no casualties and no disruption to operations. The ministry did not state whether the pipeline suffered physical damage.
The line carries Saudi crude to the Red Sea port of Yanbu, which handled the bulk of the kingdom's export growth in October.
A Reuters survey published the same day showed OPEC crude output rose 1.38 million barrels per day in October to 22.87 million bpd, led by Saudi Arabia, Kuwait and Iraq, recovering to 90% of the group's pre-war rate. The group's 11 members pumped 25.48 million bpd in February, the last month before the war disrupted exports and production across the Middle East.
A separate Bloomberg survey put October output at 22.8 million bpd, up 930,000 bpd from September and 88% of February levels. Saudi Arabia raised production by 970,000 bpd to 9.2 million bpd, more than the group's net increase, and remained about 800,000 bpd below early-year rates. Iraq added 140,000 bpd to reach 4.15 million bpd, and Kuwait added 130,000 bpd to 2 million bpd. Iran's output fell 120,000 bpd to 1.9 million bpd, its lowest in Bloomberg survey data going back to 1989, and no tankers have been seen at Kharg Island since late August.
The Iran war has prevented OPEC+ from delivering the production increases it pledged. Members covered by the group's quota deal pumped about 25 million bpd in August against a combined target of 31.01 million bpd, and the group held quotas steady for October and November after raising them every month since April, then extended the hold to December. Members are reviewing how much crude each country can technically produce ahead of a November 29 ministerial meeting that will set 2027 output targets.