OPEC oil production rises by nearly 2 million barrels per day
The Organization of the Petroleum Exporting Countries (OPEC) increased its daily crude oil production by 1.965 million barrels in October 2026 compared to the previous month, reaching 27.164 million barrels per day.
According to OPEC's monthly oil market report, Saudi Arabia recorded the largest production increase. The country's daily output rose by 1.182 million barrels to exceed 9 million barrels, while Iraq and Kuwait reported increases of 496,000 and 232,000 barrels per day, respectively. Iran's production, meanwhile, declined by 44,000 barrels per day to 1.914 million barrels.
Total daily oil production by OPEC+, which includes OPEC members and allied non-OPEC producers, increased by 2.035 million barrels to 41.23 million barrels per day. The organization maintained its global oil demand growth forecasts. Accordingly, world oil demand is expected to increase by 180,000 barrels per day to 105.72 million barrels per day in 2026, followed by an increase of 2.55 million barrels per day to 108.28 million barrels per day in 2027. The recovery in production indicates a renewed strengthening of global oil supply.
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