OPEC+ increased its crude oil production in October despite disruptions in the Middle East

OPEC+ crude oil production increased significantly in October, reaching 41.23 million barrels per day, according to the latest report by the Organization of the Petroleum Exporting Countries, cited by Reuters and Agerpres. The level was approximately 2.04 million barrels per day above that recorded in September, despite disruptions caused by the conflict in the Middle East.

The increase was driven particularly by Saudi Arabia, which raised its production from 8.372 million to 10.563 million barrels per day. Russia’s production also rose, by 41,000 barrels per day, to 8.668 million barrels per day.

OPEC+ production in October represented approximately 97% of the 42.72 million barrels per day recorded in February, indicating a recovery in Gulf states’ supplies.

OPEC maintained its estimates for global oil demand. For next year, the organization anticipates an increase of 2.55 million barrels per day, to an average of 108.3 million barrels per day. This year, demand is expected to rise by 180,000 barrels per day.

OPEC+ brings together OPEC, created in 1960, and allied producers such as Russia, which joined the expanded framework in 2016.