GCC oil production down in October, says Emirates NBD
GCC oil production (excluding Oman and Bahrain) declined by -245,000 bpd (-1.5 per cent m/m) to 16.4mn bpd in October. This is the first decline in the region’s oil output since February this year, according to Bloomberg estimates. Kuwait and the UAE cut oil output by -150,000 bpd (to 2.85 mnpd) and -100,000 bpd (to 2.80mn bpd) respectively last month. Saudi Arabia’s output remained unchanged at 10.0mn bpd. GCC oil production remains near a record high, despite the easing in October.