OPEC: DoC Crude Oil Output Jumped 2Mn BPD in October


   
Karim Bastati
DTN Analyst

   VIENNA (DTN) - Crude oil production from members and partners of the 
Organization of the Petroleum Exporting Countries, collectively known as OPEC+, 
soared by more than 2 million bpd last month, according to the producer group's 
latest monthly oil market report published Wednesday (11/11).

   At 41.23 million bpd, output was at its highest since the beginning of the 
U.S. war on Iran, and only 1.53 million bpd, or 3.4%, shy of ante-bellum 
production levels. The rebound was spearheaded by a 1.18 million bpd jump in 
Saudi Arabian crude oil production. Secondary sources polled by OPEC estimated 
the group's de facto leader pumped nearly 9.2 million bpd in October, while the 
kingdom itself claimed that output had topped 10.56 million bpd last month. 
Self-reported volumes "supplied to the market", in contrast, were in line with 
secondary estimates.

   Higher flows through the Strait of Hormuz also resulted in a sharp supply 
rebound from other member states in the Persian Gulf. Iraqi output soared by 
half a million bpd to 4.49 million bpd, some 200,000 bpd above the production 
pace in February, and nearly 500,000 bpd higher than the average rate in 2025. 
Crude oil production in Kuwait recorded a more than 11% month-on-month increase 
in October, but was at 2 million bpd still trailing pre-war levels by 480,000 
bpd.

   Factoring in the U.S.-embargo-caused loss of more than 1.3 million bpd of 
Iranian production, combined supply by all other members and the UAE has 
according to these estimates almost caught up to levels at the beginning of the 
year, and was 7.78 million bpd above the second quarter average during the peak 
of the supply disruption.

   OPEC also held on to its counter-consensus view of growing oil demand this 
year. While other major forecasters estimated global oil demand in 2026 to have 
dropped by 1 to 2 million bpd, OPEC's latest report left demand growth 
expectations for this and next year unchanged at 180,000 bpd.




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