OPEC Crude Output Jumps 1.97M bpd as Saudis Lead Surge
(MENAFN) OPEC crude production climbed by roughly 1.97 million barrels per day (bpd) in October, propelled chiefly by sharply higher output from Saudi Arabia and Iraq, the group’s latest monthly report showed.
The bloc’s total crude output reached about 27.16 million bpd for the month.
Saudi Arabia posted the biggest gain, adding 1.18 million bpd to reach approximately 9.19 million bpd. Iraq followed with a rise of 496,000 bpd to 4.49 million bpd, and Kuwait added 232,000 bpd, lifting its output to around 2 million bpd.
Several other members also pumped more. The United Arab Emirates (UAE) raised production by 91,000 bpd to 4.01 million bpd, Libya by 36,000 bpd to 1.33 million bpd, Venezuela by 11,000 bpd to 1.16 million bpd and Gabon by 5,000 bpd to 212,000 bpd.
Iran saw the steepest drop, with output falling by 44,000 bpd to about 1.91 million bpd. Nigeria’s production slipped by 27,000 bpd to 1.54 million bpd. Congo cut 15,000 bpd, bringing its output to 270,000 bpd, while Algeria shed 2,000 bpd to roughly 1 million bpd and Equatorial Guinea lost 1,000 bpd, falling to 44,000 bpd.
Output from the wider OPEC+ alliance, which brings together OPEC members and several producers outside the group, also grew in October. Its total rose by about 2.04 million bpd to average 41.23 million bpd.
Demand Outlook Unchanged
OPEC left its forecasts for global oil demand growth in 2026 and 2027 untouched from the previous month.
For 2026, the group expects worldwide demand to expand by 180,000 bpd from a year earlier, averaging 105.72 million bpd. Consumption in non-OECD countries is projected to grow by 410,000 bpd to 59.62 million bpd, while demand in OECD countries is forecast to contract by 230,000 bpd to 46.10 million bpd.
Looking to 2027, OPEC projects global demand will rise by a further 2.55 million bpd to average roughly 108.28 million bpd. Non-OECD demand is expected to increase by 2.01 million bpd to 61.63 million bpd, and OECD demand is forecast to gain 540,000 bpd to 46.64 million bpd.
The bloc’s total crude output reached about 27.16 million bpd for the month.
Saudi Arabia posted the biggest gain, adding 1.18 million bpd to reach approximately 9.19 million bpd. Iraq followed with a rise of 496,000 bpd to 4.49 million bpd, and Kuwait added 232,000 bpd, lifting its output to around 2 million bpd.
Several other members also pumped more. The United Arab Emirates (UAE) raised production by 91,000 bpd to 4.01 million bpd, Libya by 36,000 bpd to 1.33 million bpd, Venezuela by 11,000 bpd to 1.16 million bpd and Gabon by 5,000 bpd to 212,000 bpd.
Iran saw the steepest drop, with output falling by 44,000 bpd to about 1.91 million bpd. Nigeria’s production slipped by 27,000 bpd to 1.54 million bpd. Congo cut 15,000 bpd, bringing its output to 270,000 bpd, while Algeria shed 2,000 bpd to roughly 1 million bpd and Equatorial Guinea lost 1,000 bpd, falling to 44,000 bpd.
Output from the wider OPEC+ alliance, which brings together OPEC members and several producers outside the group, also grew in October. Its total rose by about 2.04 million bpd to average 41.23 million bpd.
Demand Outlook Unchanged
OPEC left its forecasts for global oil demand growth in 2026 and 2027 untouched from the previous month.
For 2026, the group expects worldwide demand to expand by 180,000 bpd from a year earlier, averaging 105.72 million bpd. Consumption in non-OECD countries is projected to grow by 410,000 bpd to 59.62 million bpd, while demand in OECD countries is forecast to contract by 230,000 bpd to 46.10 million bpd.
Looking to 2027, OPEC projects global demand will rise by a further 2.55 million bpd to average roughly 108.28 million bpd. Non-OECD demand is expected to increase by 2.01 million bpd to 61.63 million bpd, and OECD demand is forecast to gain 540,000 bpd to 46.64 million bpd.
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