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OPEC+ production rose by about 2.04 million barrels per day in October 2026, reaching 41.23 million barrels per day. The increase was driven mainly by higher Saudi production, which climbed to 10.563 million barrels per day, despite shipping disruptions through the Strait of Hormuz. Production also increased in Iraq, the UAE and Russia, while Iran’s output declined. The alliance’s total production returned to about 97% of its February level. OPEC kept its forecast for global demand growth in 2026 at 180,000 barrels per day. The report also noted that global inventories fell by 537 million barrels between February and September, while supply and shipping pressures continued.
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