Saudi Arabia Commodities October 2021

Saudi Arabia

Saudi Arabia: Oil prices increase in September–October

October 1, 2021

On 1 October, the OPEC oil basket traded at USD 77.7 per barrel, up 9.1% from the prior month. Moreover, the price was 54.7% higher on a year-to-date basis and was 94.6% higher than on the same day last year.

The recent rise in global crude oil prices was predominately driven by a faster-than-expected recovery in oil demand amid supply disruptions. Crude oil demand took a hit due to the spread of the Delta variant in recent months, but the ongoing rollout of vaccines and easing restrictions in September supported a revival in crude oil demand, consequently pushing prices higher. On the supply side, supply disruptions in the U.S. due to Hurricane Ida back in August continues to weigh on output, further supporting price pressures in recent weeks.

In terms of OPEC production, combined crude oil output among members increased from July’s 26.6 million barrels per day (mbpd) to 26.8 mbpd in August—the latest month for which data is available. This mostly reflected higher output in Iraq and the UAE. Moreover, Saudi Arabia output also increased from 9.4 mbpd in July to 9.5 mbpd in August.

FocusEconomics Consensus Forecast panelists expect oil production in Saudi Arabia to average 9.52 mbpd in 2021. In 2022, our panel of analysts sees crude output increasing to 10.25 mbpd.

Author:, Economist

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Saudi Arabia Commodity October 2021

Note: Price of the OPEC oil basket in USD per barrel.
Source: Organization of the Petroleum Exporting Countries (OPEC).

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