OPEC Oil Production Rises 33,000 bpd in October – Report
Crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) rose by 33,000 barrels per day (bpd) in October compared to the previous month, reaching around 28.46 million bpd, according to the group’s latest Monthly Oil Market Report.
The largest output increase came from Saudi Arabia, while Iran recorded the biggest decline last month.
Saudi Arabia, the group’s top producer, increased its output by 43,000 bpd to about 10 million bpd. Iran’s production, meanwhile, declined by 66,000 bpd to approximately 3.2 million bpd in October.
Total crude production by the OPEC+ alliance, comprising OPEC members and some major non-OPEC producers, fell by 73,000 bpd to 43.02 million bpd during the same period.
OPEC kept its global oil demand growth forecast for 2025 and 2026 unchanged, projecting an increase of 1.3 million bpd year-on-year, bringing total demand to 105.1 million bpd.
Most of the growth is expected to come from non-OECD countries, where demand is seen rising by around 1.17 million bpd to 59.17 million bpd, led by Asian countries, China, and Africa.
Demand in OECD countries is projected to rise by just 130,000 bpd to 45.97 million bpd, driven mainly by OECD Americas and supported by a slight increase in OECD Europe, while OECD Asia-Pacific demand is forecast to decline slightly year-on-year.
For 2026, OPEC expects demand to grow by around 1.38 million bpd, reaching 106.52 million bpd. #OPEC Oil Production Rises 33,000 bpd in October – Report Nigerian Breweries Falls Below N2trn after Huge Block Trades
