Baku:Crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) rose by approximately 1.97 million barrels per day in October, primarily due to increased output from Saudi Arabia and Iraq.

According to Azerbaijan State News Agency, OPEC's total crude output reached around 27.16 million barrels per day in October. Saudi Arabia recorded the largest monthly increase, with production rising by 1.18 million barrels per day to approximately 9.19 million barrels per day. Iraq's output climbed by 496,000 barrels per day to 4.49 million barrels per day, while Kuwait increased production by 232,000 barrels per day to around 2 million barrels per day.

Production also rose in the United Arab Emirates (UAE), Libya, Venezuela, and Gabon. Output increased by 91,000 barrels per day in the UAE to 4.01 million barrels per day, by 36,000 barrels per day in Libya to 1.33 million barrels per day, by 11,000 barrels per day in Venezuela to 1.16 million barrels per day, and by 5,000 barrels per day in Gabon to 212,000 barrels per day.

Iran experienced the largest decline, with production falling by 44,000 barrels per day to approximately 1.91 million barrels per day. Nigeria's output also decreased by 27,000 barrels per day to 1.54 million barrels per day. Production fell by 15,000 barrels per day in Congo to 270,000 barrels per day, by 2,000 barrels per day in Algeria to around 1 million barrels per day, and by 1,000 barrels per day in Equatorial Guinea to 44,000 barrels per day.

Crude oil production by the OPEC+ alliance, which includes OPEC members and several non-OPEC producers, also increased in October. The group's total output rose by approximately 2.04 million barrels per day during the month to average 41.23 million barrels per day.

OPEC maintained its global oil demand growth forecasts for 2026 and 2027 unchanged from the previous month's assessment. The group anticipates global oil demand will increase by 180,000 barrels per day year-on-year to average 105.72 million barrels per day in 2026. Demand in non-OECD countries is projected to rise by 410,000 barrels per day to 59.62 million barrels per day, while demand in OECD countries is expected to decline by 230,000 barrels per day to 46.10 million barrels per day.

For 2027, OPEC forecasts that global oil demand will grow by a further 2.55 million barrels per day to average approximately 108.28 million barrels per day. Demand in non-OECD countries is expected to increase by 2.01 million barrels per day to 61.63 million barrels per day, while OECD demand is projected to rise by 540,000 barrels per day to 46.64 million barrels per day.