OPEC+ October Output Nears Pre-Iran War Level, Led by Saudi Arabia

OPEC+ crude oil production rose in October, led by a sharp increase in output from Saudi Arabia despite continued disruption to shipments through the Strait of Hormuz caused by the Iran war.

The group pumped 41.23 million barrels per day in October, OPEC said in a monthly report, up about 2.04 million bpd from September. According to Reuters calculations based on OPEC data, October output was equivalent to 97 per cent of the 42.72 million bpd produced by OPEC+ in February.

Saudi Arabia output

Saudi Arabia told OPEC it pumped 10.563 million bpd in October, up from 8.372 million bpd in September. That was its highest output since February, when it reported production of 10.882 million bpd.

OPEC's secondary sources put Saudi output lower, at about 9.19 million barrels a day, and official data show 9.203 million reached the market, with the rest stored.

Other members

Russia's oil production rose by 41,000 bpd in October from September to 8.668 million bpd, according to the secondary sources cited in OPEC's report.

Iran's output fell 44,000 barrels a day to about 1.91 million, which an OPEC source cited by Swedish news agency TT described as the lowest in 40 years, with a U.S. naval blockade keeping its exports shut in.

Demand outlook

OPEC left its forecasts for global oil demand growth unchanged after cutting them for six straight months, and made no changes to its 2027 outlook. The producer group expects world oil demand to rise by 2.55 million bpd next year to an average of 108.3 million bpd. It forecasts growth of 180,000 bpd in 2026.

Why it matters

OPEC+ output is approaching pre-Iran war levels even as shipping through the Strait of Hormuz remains disrupted. Saudi Arabia's production increase accounts for most of the group's gain, while Iran's output has fallen to its lowest in four decades.

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Sources

• bnnbloomberg.ca: OPEC oil output in October nears pre-Iran war rate
• sg.finance.yahoo.com: Saudi Arabia Keeps Increasing Its Oil Production. OPEC+'s Output is Now Near Pre-Iran War Levels.
• mlq.ai: Saudi Arabia tells OPEC its October oil output jumped 26%, back near pre-war levels | MLQ.ai
• richtv.io: OPEC+ oil output in October nears pre-Iran war rate, led by Saudi Arab… | RichTV

This article was drafted with AI assistance and checked against the sources above. Company claims are reported as claims. Cover image is AI-generated.