New Delhi [India], November 12 (ANI): OPEC and its partner countries recorded a sharp recovery in oil production in October, led by Saudi Arabia, even as global oil markets continued to face heightened uncertainty amid the ongoing West Asia crisis. Crude oil prices cooled but still elevated despite a recent easing in international benchmarks.
Crude oil production by countries participating in the Declaration of Cooperation (DoC), which includes OPEC and allied oil-producing nations, increased by around 2.04 million barrels per day (mb/d) month-on-month to average 41.23 mb/d in October, according to the November Monthly Oil Market Report released by the Organization of the Petroleum Exporting Countries (OPEC).
The production recovery comes at a crucial time for global energy markets, which have faced considerable volatility following escalating tensions in West Asia and disruptions to oil shipments through key regional routes, particularly the Strait of Hormuz.
Brent crude futures were trading around USD 91.62 per barrel on Thursday, November 12, down 1.2 per cent, while US West Texas Intermediate (WTI) crude declined 1.2 per cent to USD 85.49 per barrel. The recent decline followed renewed hopes of diplomatic efforts to ease tensions involving Iran, although uncertainty surrounding regional oil shipments continues to pose risks to supply stability.
Against this backdrop, the increase in OPEC+ production signals a recovery in supply from major oil-producing economies, although geopolitical developments continue to influence market sentiment.
The October output level was close to the group's 2025 average of 41.98 mb/d. Production had fallen to 34.29 mb/d in the second quarter of 2026 before recovering to 38.35 mb/d in the third quarter.
Saudi Arabia accounted for the largest share of the monthly increase, with its production rising by 1.18 mb/d to 9.19 mb/d in October, based on secondary sources cited in the report. Iraq's output increased by 496,000 barrels per day to 4.49 mb/d, while Kuwait's production rose by 232,000 barrels per day to nearly 2 mb/d.
Data based on direct communication showed Saudi Arabia's production at 10.56 mb/d in October, compared with 8.37 mb/d in September. Its supply to the market stood at 9.20 mb/d, up from 7.99 mb/d in the previous month.
OPEC crude production alone, based on secondary sources, increased by 1.97 mb/d to 27.16 mb/d in October, compared with 25.20 mb/d in September. Non-OPEC countries participating in the Declaration of Cooperation recorded a smaller increase of 70,000 barrels per day to 14.07 mb/d.
On the demand front, OPEC retained its forecast for global oil demand growth at around 2.6 mb/d in 2027, significantly higher than the marginal increase of around 0.2 mb/d projected for 2026.
"Global oil demand in 2027 is forecast to grow by about 2.6 mb/d, y-o-y, unchanged from last month's assessment," the report said.
Non-OECD economies are expected to account for most of the projected increase, with demand forecast to rise by around 2 mb/d in 2027, while OECD economies are expected to register growth of approximately 0.5 mb/d.
Meanwhile, OPEC expects liquids production from countries outside the Declaration of Cooperation to increase by around 0.6 mb/d in both 2026 and 2027, indicating continued growth in global supply alongside the recovery in output from OPEC+ members. (ANI)
OPEC+ oil output rises 2.04 million barrels per day in Oct as Saudi Arabia leads recovery amid West Asia crisis
