OPEC's daily crude oil production increased by 920 thousand barrels in September

According to OPEC's monthly oil market report, the highest increase in production last month was seen in Saudi Arabia. The country's daily production increased by 744 thousand barrels and exceeded 8 million barrels. Saudi Arabia was followed by Iraq with an increase of 386 thousand barrels per day and the United Arab Emirates with an increase of 86 thousand barrels per day.

The country where production decreased the most was Kuwait. Kuwait's daily production decreased by 140 thousand barrels to 1 million 766 thousand barrels. Production in Iran decreased by 99 thousand barrels per day and in Libya by 58 thousand barrels per day.

Thus, OPEC's daily crude oil production increased by 920 thousand barrels in September compared to the previous month, reaching 25 million 97 thousand barrels.

On the other hand, the total daily crude oil production of the OPEC + group, consisting of OPEC and some non-OPEC producer countries, increased by 903 thousand barrels in the same period and was recorded as 39 million 68 thousand barrels.

OPEC lowers demand growth forecast for 2026, raises it for 2027

OPEC revised its growth forecast for global oil demand downwards for this year and upwards for next year.

Accordingly, global oil demand is expected to increase by approximately 180 thousand barrels per day this year compared to last year, reaching 105 million 720 thousand barrels. In its previous report, OPEC had predicted a daily demand increase of 380 thousand barrels for this year.

This year, demand is expected to increase by 390 thousand barrels per day in non-OECD countries to 59 million 600 thousand barrels, and in OECD countries it is expected to decrease by 210 thousand barrels to 46 million 120 thousand barrels.

It is estimated that next year global oil demand will increase by 2 million 550 thousand barrels per day compared to this year and reach 108 million 280 thousand barrels. In the previous report, it was predicted that the demand increase next year would be 2 million 360 thousand barrels per day.

During this period, demand in non-OECD countries is expected to increase by 2 million 10 thousand barrels per day to 61 million 620 thousand barrels, and in OECD countries it is expected to reach 46 million 660 thousand barrels with an increase of 540 thousand barrels.