Organization of the Petroleum Exporting Countries (OPEC) crude oil production rebounded sharply in September, increasing by approximately 920,000 barrels per day compared to the previous month, according to the group's latest Monthly Oil Market Report released on Tuesday. OPEC's total crude output reached approximately 25.1 million barrels per day in September. Saudi Arabia drove the largest share of the monthly production increase, with output rising by 744,000 barrels per day to reach approximately 8 million barrels per day.
Iraq and the United Arab Emirates also contributed significantly to the gains, with production climbing by 386,000 barrels per day to 3.9 million barrels per day and increasing by 86,000 barrels per day to 3.9 million barrels per day, respectively. Other OPEC members also posted production increases in September. Venezuela's output rose by 18,000 barrels per day, Congo increased production by 6,000 barrels per day, and Algeria's output grew by 3,000 barrels per day.
However, some OPEC members experienced production declines during the month. Kuwait reported the largest decrease, with output falling by 140,000 barrels per day to approximately 1.8 million barrels per day. Iran's production declined by 99,000 barrels per day to around 2 million barrels per day.
Libya's crude output fell by 58,000 barrels per day to 1.3 million barrels per day, while Nigeria's production declined by 13,000 barrels per day to 1.6 million barrels per day. Gabon's output dropped by 11,000 barrels per day to 207,000 barrels per day, and Equatorial Guinea's production decreased by 2,000 barrels per day to 45,000 barrels per day. The broader OPEC+ alliance, which includes OPEC members along with several non-OPEC producers, also experienced production gains in September despite ongoing geopolitical challenges.
The group's total output increased by approximately 903,000 barrels per day to average 39.07 million barrels per day. This production increase occurred amid continuing Middle East conflict, disruptions to shipping through the Strait of Hormuz, and sustained constraints on Gulf oil exports. On the demand side, OPEC slightly lowered its 2026 global oil demand growth forecast while raising its 2027 outlook, with both projections continuing to indicate solid demand expansion.
The organization expects global oil demand to increase by 180,000 barrels per day year-over-year to average 105.72 million barrels per day in 2026. Demand in non-OECD countries is projected to rise by 390,000 barrels per day to 59.6 million barrels per day, while demand in OECD countries is expected to decrease by 210,000 barrels per day to 46.12 million barrels per day. For 2027, OPEC forecasts global oil demand will grow by a further 2.5 million barrels per day to average approximately 108.28 million barrels per day.
Source: Anadolu Agency
Source: aa.com.tr