OPEC’s crude oil production rebounded in October from multi-year-lows in September after top producer Saudi Arabia managed to recover supply lost in the mid-September attacks, more than offsetting unexpected production losses elsewhere in the group, the monthly Reuters survey showed. OPEC’s oil production jumped by 690,000 bpd from September to 29.59 million bpd in October, as the Saudis saw their production surge by 850,000 bpd, to 9.9 million bpd, according to the Reuters survey of sources at oil companies, OPEC, consultants, and ship tracking data. Despite the boost in October production, Saudi Arabia is still overcomplying with its share of the cuts, to the tune of around 400,000 bpd. The Saudi cap under the OPEC+ deal is 10.311 million bpd . According to the Reuters survey, the Saudis are now pumping as much oil as they did before the unprecedented attack on its oil infrastructure in mid-September, which knocked […]