OPEC+ crude oil production rose sharply in October, driven largely by Saudi Arabia’s increased output, as the Middle East’s oil producers continued efforts to restore shipments disrupted by the Iran war and restrictions around the Strait of Hormuz.
“The OPEC+ alliance, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allied producers such as Russia, pumped 41.23 million barrels per day (bpd) in October, an increase of approximately 2.04 million bpd from September,” stated the group’s monthly report released on Wednesday.
The figures, based on secondary sources, give a strong suggestion of the gradual recovery of Gulf energy producers in terms of their export capacities as alternative shipping arrangements, including ship-to-ship transfers, become the new normal to navigate disruptions caused by the Iran war.
Talking about Saudi Arabia’s contribution, the Kingdom accounted for much of the increase, reporting crude oil production of 10.563 million bpd in October, compared with 8.372 million bpd in September.
This marked the Gulf major’s highest reported output since February, when production stood at 10.882 million bpd.
Riyadh had significantly increased production in February ahead of the US and Israeli strikes on Iran.
The Kingdom has historically adjusted its oil supply in response to market disruptions, increasing output when supplies tighten and reducing production when oversupply becomes a concern.
Russia also recorded an increase, with production rising by 41,000 bpd month-on-month to 8.668 million bpd in October, based on the secondary sources cited in OPEC’s report.
The improvement came after United States President Donald Trump announced an energy ceasefire between Russia and Ukraine last month.
Although the arrangement failed to deliver a lasting halt to hostilities, the temporary reduction in Ukrainian attacks on Russian refineries may have supported domestic oil production.
Meanwhile, OPEC left its forecasts for global oil demand growth unchanged after six consecutive months of downward revisions.
The producer group expects worldwide oil demand to increase by 2.55 million bpd in 2027, reaching an average of 108.3 million bpd.
Its forecast for demand growth in 2026 remains at 180,000 bpd.