Symbolic imageSaudi output nears prewar level as Europe's gas supply stays strained
Saudi Arabia raised its October crude output by 26%, bringing OPEC+ close to prewar rates, according to OPEC data. Europe's gas market remains strained, and Germany approved a gas reserve.
Saudi Arabia told OPEC it pumped 10.56 million barrels a day in October, a few hundred thousand below February but above its quota, Politika reports citing Bloomberg. Iraq reported nearly 4.9 million, a wartime high. Brent has fallen about 20% this month to roughly $94. Bloomberg reads the rebound as proof that Gulf exporters restored shipments despite Iranian tanker attacks.
Germany approves gas reserve
The cabinet backed a 24 terawatt-hour reserve on Wednesday, 11 November, about 10% of storage capacity, usable only after an emergency level is declared. Handelsblatt puts one-off costs at 1.26 to 1.81 billion euros, repaid via a gas levy from October 2027. The ministry says winter supply is secure, though this year's 70% storage target was clearly missed.
Prices up, Orlen quits Qatar deal
Bloomberg reports European gas prices rose again amid uncertainty over the Iran war. The WSJ reports that Poland's Orlen cancelled its Qatar LNG supply deal after months of force majeure.
Other opinions
TASS cites a household levy of up to 7.20 euros a year and a reserve by next winter; Handelsblatt gives 5.80 to 9.40 euros and allows up to three years.