OPEC October Output Rises 1.97mbpd As Nigeria Produces At 1.51mbpd

The Organization of the Petroleum Exporting Countries (OPEC) crude production rose by approximately 1.97 million barrels per day in October.

The output rise was driven mainly by higher production activities in Saudi Arabia and Iraq, according to the group’s latest monthly report.

The OPEC’s total crude output reached around 27.16 million bpd in October.

Meanwhile, Nigeria’s crude oil production stood at 1.513 million barrels per day in October, according to OPEC, keeping output above the 1.5 million barrels per day mark. 

Nigeria is stepping up exploration to more than double the country’s oil and gas reserves, with deepwater basins identified as a key growth opportunity.

Saudi Arabia recorded the largest monthly increase, with production rising by 1.18 million bpd to approximately 9.19 million bpd.

Iraq’s output climbed by 496,000 bpd to 4.49 million bpd, while Kuwait increased production by 232,000 bpd to around 2 million bpd.

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

Iran recorded the largest decline, with production falling by 44,000 bpd to approximately 1.91 million bpd. Nigeria’s output also decreased by 27,000 bpd to 1.54 million bpd.

Production fell by 15,000 bpd in Congo to 270,000 bpd, by 2,000 bpd in Algeria to around 1 million bpd and by 1,000 bpd in Equatorial Guinea to 44,000 bpd.

Crude oil production by the OPEC+ alliance, which comprises OPEC members and several non-OPEC producers, also increased in October.

The group’s total output rose by approximately 2.04 million bpd during the month to average 41.23 million bpd.

The OPEC kept its global oil demand growth forecasts for 2026 and 2027 unchanged from the previous month’s assessment.

The group expects global oil demand to increase by 180,000 bpd year-on-year to average 105.72 million bpd in 2026.

Demand in non-OECD countries is projected to rise by 410,000 bpd to 59.62 million bpd, while demand in OECD countries is expected to decline by 230,000 bpd to 46.10 million bpd.

For 2027, OPEC forecasts that global oil demand will grow by a further 2.55 million bpd to average approximately 108.28 million bpd.

Demand in non-OECD countries is expected to increase by 2.01 million bpd to 61.63 million bpd, while OECD demand is projected to rise by 540,000 bpd to 46.64 million bpd.