OPEC oil output rises by nearly 2 million barrels a day in October

The Organization of the Petroleum Exporting Countries increased its crude output by about 1.97 million barrels a day in October, the state-run news agency Anadolu Agency reported on Thursday.

The rise was driven mainly by higher production in Saudi Arabia and Iraq, according to OPEC's latest monthly report.

OPEC's total crude output reached about 27.16 million barrels a day in October.

Saudi Arabia recorded the biggest monthly increase, with output rising by 1.18 million barrels a day to about 9.19 million.

Iraq's production climbed by 496,000 barrels a day to 4.49 million, while Kuwait added 232,000 barrels a day to reach about 2 million.

The United Arab Emirates, Libya, Venezuela and Gabon also increased output during the month, the report said.

Iran recorded the largest decline, with production falling by 44,000 barrels a day to about 1.91 million, while Nigeria's output dropped by 27,000 barrels a day to 1.54 million.

Output fell in Congo, Algeria and Equatorial Guinea, the report said.

The OPEC+ alliance, which includes OPEC members and several non-OPEC producers, also raised its crude production in October.

The alliance's total output rose by about 2.04 million barrels a day during the month to average 41.23 million.

OPEC kept its global oil demand growth forecasts for 2026 and 2027 unchanged from the previous month.

The group expects global oil demand to grow by 180,000 barrels a day in 2026 to average 105.72 million barrels a day.

For 2027, OPEC forecasts demand will rise by a further 2.55 million barrels a day to about 108.28 million.