OPEC+ October crude output rises to 41.23 million barrels a day

Crude oil production by countries participating in the OPEC+ Declaration of Cooperation averaged about 41.23 million barrels a day in October, according to OPEC's November 11 monthly report. That was an increase of about 2.04 million barrels a day from September. OPEC identifies the figures as estimates drawn from secondary sources, rather than a single independently measured global total.

published reporting reporting carried by RTE describe the increase as a recovery after months of disruption linked to the Iran war. The group total should not be confused with production by OPEC members alone, all worldwide oil output, or the volume successfully exported. OPEC's report also treats crude oil separately from natural gas liquids and other non-conventional liquids.

The supply increase does not mean the transport system has returned to normal. In its market highlights, OPEC says crude-tanker freight rates rose sharply in October as disrupted trade, longer voyages and export inefficiencies constrained available vessels. More production and more expensive shipping can therefore occur at the same time; an output figure alone does not establish what buyers will pay for delivered fuel.

The report leaves its global demand-growth outlook unchanged, forecasting a modest increase in 2026 and a larger rise in 2027. Those are forecasts, not consumption already recorded. The immediate finding is narrower: October crude production recovered within the participating group, while the report still describes pressures in shipping and refining. It is not a guarantee of lower retail petrol prices.