OPEC+ (the Organization of the Petroleum Exporting Countries and its allies) significantly increased crude oil production in October, driven by higher Saudi Arabian supplies despite disruptions in the Middle East, Reuters reports.
OPEC+ pumped 41.23 million barrels of crude oil per day (bpd) last month, according to a report published on Wednesday, compared with approximately 2.04 million bpd in September.
The data point to a recovery in production in the Gulf states despite the impact of the conflict in the Middle East, Agerpres reports, citing Reuters.
According to Reuters calculations based on OPEC data, October’s output was equivalent to 97% of the 42.72 million barrels per day produced by OPEC+ in February.
Last month, Saudi Arabia pumped 10.563 million barrels per day, compared with 8.372 million in September.
Russia’s crude oil production also rose in October, increasing by 41,000 barrels per day from September to reach 8.668 million barrels per day.
OPEC also left its global oil demand projections unchanged, including its forecast for 2027.