OPEC+ crude oil production rose by about 2.04 million barrels per day in October to 41.23 million bpd, or 97% of its February level, led by Saudi Arabia. OPEC kept its 2026 and 2027 oil demand forecasts unchanged.
OPEC+ pumped 41.23 million barrels per day in October, up about 2.04 million bpd from September, as Saudi Arabia sharply raised production despite continued disruption to shipments through the Strait of Hormuz. October output was equivalent to 97% of the group’s 42.72 million bpd production in February.
Saudi Arabia told OPEC it pumped 10.563 million bpd in October, up from 8.372 million bpd in September and its highest output since February, when it reported 10.882 million bpd. Russia’s production rose by 41,000 bpd from September to 8.668 million bpd, based on secondary sources cited in OPEC’s report.
OPEC left its global oil demand growth forecasts unchanged after cutting them for six consecutive months. It expects demand to rise by 2.55 million bpd next year to an average of 108.3 million bpd, and forecasts growth of 180,000 bpd in 2026.
