OPEC+ countries significantly increased oil production in October 2026, despite the war with Iran and shipping disruptions through the Strait of Hormuz. The alliance's total production reached 41.23 million barrels per day, which is 2.04 million more than in September.

This is evidenced by the November report of the Organization of Petroleum Exporting Countries (OPEC). Additional details are provided by Bloomberg.

According to independent sources relied upon by OPEC, the organization's member countries directly increased production by 1.97 million barrels per day - to 27.16 million. Another 14.07 million barrels were provided by states participating in OPEC+ agreements but not part of the organization itself.

The main contribution to growth was made by Saudi Arabia. According to independent OPEC monitoring, its production increased by 1.18 million barrels per day - to 9.19 million. Iraq increased production by almost 500 thousand barrels, to 4.49 million, and Kuwait - by 232 thousand, to almost 2 million barrels per day.

At the same time, Saudi Arabia reported to the organization a higher indicator of its own production - 10.56 million barrels per day against 8.37 million in September. This is an increase of about 26% and the highest level since February, when the war with Iran began.

In the OPEC report, it is separately noted that actual Saudi oil supply to the market in October amounted to 9.2 million barrels per day. The difference between these indicators is explained by the fact that the country's own production data, its market supply and estimates of independent sources reflect different volumes.

According to Bloomberg, the Persian Gulf countries managed to partially restore exports even under conditions of tanker danger. Saudi Arabia increased transportation through the Strait of Hormuz, and also uses an alternative oil pipeline to the Red Sea coast.

However, transportation problems have not disappeared. The OPEC report notes that in October freight rates for the largest VLCC class oil tankers exceeded last year's indicators by more than tenfold. The increase in transportation costs is explained by disruption of traditional routes, longer voyages and limited ship availability.

Oil production in Russia also increased in October, but much more slowly - by 41 thousand barrels per day, to 8.67 million. In contrast, Iran reduced production by 44 thousand barrels, to 1.91 million per day.

The restoration of supplies from the Persian Gulf increases pressure on world oil prices. Bloomberg notes that the increase in supply occurs against the backdrop of restrained demand and gradual accumulation of signs of raw material surplus in certain markets.

At the same time, OPEC left its forecast for world oil demand unchanged. In 2026, the organization expects its increase by about 200 thousand barrels per day, and in 2027 - by 2.6 million.

Thus, October indicators show a restoration of oil production in OPEC+ countries after large-scale disruptions caused by the war in the Middle East. However, further stability of supplies will depend on the security situation on sea routes.

Based on materials: OPEC - Monthly Oil Market Report, November 2026, Bloomberg