OPEC+ crude oil production surged in October, with Saudi Arabia leading the increase despite ongoing disruptions in the Strait of Hormuz due to the Iran war. The group, which includes OPEC members and allies like Russia, pumped 41.23 million barrels per day in October, up about 2.04 million bpd from September, according to a monthly report released on Wednesday.
Saudi Arabia reported its highest output since February, producing 10.563 million bpd in October, up from 8.372 million bpd in September. The kingdom has frequently adjusted its production to stabilize markets, boosting supply during disruptions or curbing output to prevent oversupply.
Russia also saw an increase in oil production, rising by 41,000 bpd in October to 8.668 million bpd. This rise may have been supported by a temporary energy ceasefire between Russia and Ukraine, announced by U.S. President Donald Trump last month, although the agreement did not hold.
OPEC maintained its forecasts for global oil demand growth, expecting a rise of 2.55 million bpd next year to an average of 108.3 million bpd. The group also forecast growth of 180,000 bpd for 2026, indicating a gradual recovery in oil markets despite ongoing geopolitical tensions.