Oil production surge in October, Saudi Arabia drives increase

The group, comprising OPEC nations and allies including Russia, collectively produced 41.23 million barrels per day in October, according to a monthly report released Wednesday. This represents an approximate rise of 2.04 million barrels per day compared to September’s levels.

Data from secondary sources suggests that Gulf oil producers are successfully mitigating export disruptions through alternative methods, such as ship-to-ship transfers, to circumvent issues related to the conflict.

October’s output reached 97 per cent of the 42.72 million barrels per day produced by OPEC+ in February, Reuters calculations based on OPEC data indicate.

Saudi Arabia reported an output of 10.563 million barrels per day in October, a notable increase from 8.372 million barrels per day in September. This marks the nation’s highest production level since February, when it reported 10.882 million barrels per day.

Saudi Arabia substantially increased its production in February prior to U.S. and Israeli strikes on Iran. The nation has historically intervened in oil markets, adjusting supply to address disruptions or potential oversupply.

Russian oil production also experienced a modest increase, rising by 41,000 barrels per day in October from September, reaching 8.668 million barrels per day, according to secondary sources.

Recently, U.S. President Donald Trump announced an energy ceasefire between Russia and Ukraine. While the agreement proved short-lived, it may have provided a temporary period of stability that supported oil output.

OPEC maintained its forecasts for global oil demand growth, despite previous reductions over six consecutive months, and did not alter its 2027 outlook. The group anticipates a rise in global oil demand by 2.55 million barrels per day next year, averaging 108.3 million barrels per day. Further growth of 180,000 barrels per day is projected for 2026.