OPEC October Output Rises on Saudi and Iraqi Gains

Crude production climbed by nearly two million barrels daily as Riyadh and Baghdad expanded output, while Nigeria held steady.

The story, at a glance

OPEC crude output increased by roughly 1.97 million barrels per day in October, driven by major production hikes in Saudi Arabia and Iraq.
Nigeria maintained its daily output above 1.5 million barrels, even as the alliance kept its long-term demand forecasts unchanged.

The Organization of the Petroleum Exporting Countries reported a significant monthly expansion in crude output, with total production rising by approximately 1.97 million barrels per day during October. According to a report published by AllAfrica, this surge pushed the group’s aggregate output to roughly 27.16 million barrels daily. The growth was primarily fueled by increased activity in Saudi Arabia and Iraq, which together accounted for the bulk of the volume added to the market.

Riyadh posted the most substantial monthly gain, adding 1.18 million barrels per day to reach approximately 9.19 million barrels. Baghdad followed with an increase of 496,000 barrels, bringing its total to 4.49 million barrels. Kuwait also contributed to the rise, adding 232,000 barrels to reach around 2 million barrels. Other nations seeing growth included the United Arab Emirates, Libya, Venezuela, and Gabon, while Iran experienced the sharpest decline, losing 44,000 barrels per day to settle at 1.91 million barrels.

Nigeria’s production remained relatively stable, standing at 1.513 million barrels per day in October. This figure kept the West African nation’s output above the 1.5 million barrel threshold, despite a slight monthly dip of 27,000 barrels. The country is currently focusing on expanding exploration efforts, particularly in deepwater basins, with the goal of more than doubling its oil and gas reserves. Other members saw declines, including Congo, Algeria, and Equatorial Guinea.

The broader OPEC+ alliance, which includes non-OPEC producers, also saw its total output rise by approximately 2.04 million barrels per day, averaging 41.23 million barrels. Despite these supply changes, the group maintained its global demand growth forecasts for 2026 and 2027. For 2026, OPEC projects global demand will grow by 180,000 barrels per year to average 105.72 million barrels, with non-OECD countries driving most of the increase.

Looking ahead to 2027, the alliance expects global demand to rise by a further 2.55 million barrels to approximately 108.28 million barrels. Demand in non-OECD nations is projected to climb by 2.01 million barrels, while OECD demand is expected to see a modest rise of 540,000 barrels. These unchanged forecasts suggest the group anticipates steady consumption patterns despite the recent supply fluctuations.

OPEC Reports October Output Surge Led by Saudi Gains

The story, at a glance

Sources and further reading