10:08 - 12.11.2026

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November 12, Fineko/abcnews. According to the Organization of the Petroleum Exporting Countries (OPEC) Monthly Oil Market Report, OPEC’s daily crude oil production increased by 1.965 million barrels in October compared to the previous month, reaching 27.164 million barrels per day (bpd).

Saudi Arabia led the output gains with a surge of 1.182 million bpd (exceeding 9 million bpd), followed by Iraq (+496,000 bpd) and Kuwait (+232,000 bpd). Conversely, production declined in Iran (-44,000 bpd to 1.914 million bpd), Nigeria (-27,000 bpd), and Congo (-15,000 bpd). Meanwhile, total crude production by the broader OPEC+ alliance rose by 2.035 million bpd to reach 41.23 million bpd.

OPEC kept its global oil demand growth forecasts unchanged for this year and next. Global demand is projected to grow by roughly 180,000 bpd this year to reach 105.72 million bpd (59.62 million bpd in non-OECD and 46.10 million bpd in OECD economies), before expanding by 2.55 million bpd next year to hit 108.28 million bpd.