New picture in the oil market: OPEC revised its 2026 expectation

Daily crude oil production of the Organization of Petroleum Exporting Countries (OPEC) increased by 920 thousand barrels in September compared to the previous month.

According to OPEC's monthly oil market report, total daily production reached 25 million 97 thousand barrels.

THE BIGGEST INCREASE IS IN SAUDI ARABIA

The highest increase in production in September was seen in Saudi Arabia.

The country's daily crude oil production increased by 744 thousand barrels, reaching over 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.

PRODUCTION DECREASED IN KUWAIT

The country where production decreased the most was Kuwait.

Kuwait's daily crude oil production decreased by 140 thousand barrels to 1 million 766 thousand barrels.

Production dropped by 99 thousand barrels per day in Iran and 58 thousand barrels per day in Libya.

OPEC+ PRODUCTION EXCEEDED 39 MILLION BARRELS

The total daily crude oil production of the OPEC+ group, consisting of OPEC and some non-OPEC producer countries, also increased in September.

The group's production increased by 903 thousand barrels per day, reaching 39 million 68 thousand barrels.

2026 DEMAND FORECAST HAS BEEN PUSHED DOWN

OPEC lowered its expectation for an increase in global oil demand this year.

Accordingly, global oil demand is expected to increase by approximately 180 thousand barrels per day compared to last year and reach 105 million 720 thousand barrels in 2026.

In OPEC's previous report, a daily demand increase of 380 thousand barrels was predicted for this year.

DEMAND WILL FALL IN OECD COUNTRIES

According to OPEC, oil demand in non-OECD countries is expected to increase by 390 thousand barrels per day to 59 million 600 thousand barrels in 2026.

In OECD countries, it was estimated that demand would decrease by 210 thousand barrels per day to 46 million 120 thousand barrels.

EXPECTATIONS HAVE INCREASED FOR 2027

OPEC revised its global oil demand increase forecast for 2027 upwards.

Global demand is expected to increase by 2 million 550 thousand barrels per day next year, reaching 108 million 280 thousand barrels.

In the previous report, a daily demand increase of 2 million 360 thousand barrels was predicted for 2027.

It is estimated that demand in non-OECD countries will increase by 2 million 10 thousand barrels per day to 61 million 620 thousand barrels, and in OECD countries it will increase by 540 thousand barrels to 46 million 660 thousand barrels.