Ankara:Crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) surged in September, marking an increase of approximately 920,000 barrels per day (bpd) compared to the previous month.
According to Azerbaijan State News Agency, OPEC’s total output reached about 25.1 million bpd in September, as highlighted in the organization’s latest Monthly Oil Market Report.
Saudi Arabia led the production increase with a rise of 744,000 bpd, reaching around 8 million bpd. Iraq and the UAE also saw notable increases, with Iraq’s production climbing by 386,000 bpd to 3.9 million bpd and the UAE’s output increasing by 86,000 bpd to a similar 3.9 million bpd. Venezuela, Congo, and Algeria experienced smaller increases in production.
Conversely, Kuwait saw the largest decline with a reduction of 140,000 bpd, bringing its output to about 1.8 million bpd. Other declines were noted in Iran, Libya, Nigeria, Gabon, and Equatorial Guinea.
Despite challenges such as the Middle East conflict and disruptions in the Strait of Hormuz, the OPEC+ alliance, which includes non-OPEC producers, also increased production by about 903,000 bpd to an average of 39.07 million bpd in September.
OPEC has adjusted its demand growth forecasts, slightly lowering the 2026 outlook while raising the 2027 projection. The organization expects global oil demand to rise by 180,000 bpd in 2026 to average 105.72 million bpd, with non-OECD countries driving most of the increase. For 2027, OPEC anticipates a further growth of 2.5 million bpd, reaching an average of 108.28 million bpd.