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Saudi Arabia Tells OPEC October Crude Output Rose to 10.563 Million Barrels Per Day
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Saudi Arabia produced 10.563 million bpd in October, highest since the Iran war began. OPEC+ crude output reached about 41.23 mbpd in October, up 2.04 mbpd from September.
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Saudi ramps output ahead
Saudi Arabia told OPEC that its crude oil production rose to 10.563 million barrels per day in October, up from 8.372 million barrels per day in September, reaching the highest level since February 2026. OPEC+ production reached 41.23 million barrels per day in October, an increase of about 2.04 million barrels per day from September, as the alliance worked to restore exports despite war-related disruptions.
OPEC calculations based on OPEC data showed OPEC+ output in October at roughly 97 percent of February production of 42.72 million barrels per day. OPEC+ members also used alternate routes, including oil transfers from ship to ship and pipelines that enable export of crude away from the Strait of Hormuz, according to the OPEC-linked figures cited in the reporting.
Quotas hinge on audit
OPEC+ ministers scheduled a meeting on Nov. 29, with the timeline designed to allow them to consider US audit findings when setting production limits.
Al-Monitor said each member's capacity figure will be used to set its production limit starting 2027, aiming to end years of quota disputes.
Al-Monitor reported that the audit had been due by the end of September but slipped to mid-November after the war delayed plans to expand capacity and some members failed to submit their data.
Tim Callen told Al-Monitor that the audit will likely show that "there is little spare production capacity outside of Saudi Arabia."
Market and policy stakes
OPEC kept its global oil-demand growth forecast for 2026 and 2027 unchanged after six consecutive downgrades, with the organization expecting demand to rise by 2.55 million barrels per day next year to an average of 108.3 million barrels per day. OPEC+ production recovery also fed into the assessment of maximum production capacity per member, with the review expected to be completed in the coming days and used for 2027 targets.
“Brent crude futures fell by about 21% this month to around $93 per barrel.”
The reporting said Saudi Arabia’s output rebound contributed to pressure on global oil prices, with Brent crude futures falling by about 21% this month to around $93 per barrel. The Economic stakes were framed through Saudi Arabia’s export momentum, with Fortexxa data cited for Saudi exports averaging 8.57 million barrels per day during the period from early October to November 11, up from 6.25 million bpd in the third quarter.