CommoditiesMedium•11 November 2026•
1 min read
OPEC Holds Demand Forecasts Steady as Saudi Oil Production Hits Record High
Key Facts
1OPEC left its global oil demand growth forecasts for 2026 and 2027 unchanged at 2.55 million barrels per day.
2Saudi Arabia's crude production surged 26% to 10.6 million barrels per day, reaching a new wartime high.
3Total OPEC+ crude output rose 2.04 million barrels per day to 41.23 million barrels per day in October.
OPEC left its global oil demand growth forecasts for 2026 and 2027 unchanged at 2.55 million barrels per day. According to scanx.trade, Saudi Arabia's crude production surged 26% to 10.6 million barrels per day, marking a new record high under current conditions.
The surge in Saudi volumes was the primary driver behind a 2.04 million barrels per day increase in total OPEC+ output, which reached 41.23 million barrels per day in October. This expansion in supply occurs alongside static consumption forecasts, suggesting the group is betting that current demand growth will absorb the additional barrels entering the market.