OPEC Crude Output Jumps Nearly 2 Million Barrels a Day
Saudi Arabia led October's increase, while OPEC kept its global oil-demand growth forecasts for this year and 2027 unchanged.
Key takeaways
- OPEC daily crude output rose to 27 million 164 thousand barrels in October.
- OPEC+ total daily crude output reached 41 million 230 thousand barrels.
- OPEC left its this-year and 2027 global oil-demand growth forecasts unchanged.
OPEC’s daily crude output rose by 1 million 965 thousand barrels in October from the previous month, reaching 27 million 164 thousand barrels, according to the group’s monthly oil market report.
Saudi Arabia recorded the largest increase. Its daily production climbed by 1 million 182 thousand barrels to more than 9 million. Iraq added 496 thousand barrels a day and Kuwait added 232 thousand.
Iran had the largest decline, with daily output falling by 44 thousand barrels to 1 million 914 thousand. Production also fell by 27 thousand barrels a day in Nigeria and 15 thousand in Congo.
Across OPEC+ members, including some producers outside OPEC, daily crude output rose by 2 million 35 thousand barrels to 41 million 230 thousand in October.
OPEC kept its global oil-demand growth forecasts unchanged. It expects demand to rise by about 180 thousand barrels a day this year, to 105 million 720 thousand barrels. For 2027, it forecasts an increase of 2 million 550 thousand barrels a day from this year, to 108 million 280 thousand.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
