OPEC Maintains Oil Demand Outlook for 2026-2027, OPEC+ Production Rises in October

OPEC has kept its global oil demand growth forecasts unchanged for both 2026 and 2027, though it made a marginal cut to its outlook for Chinese consumption. Separately, OPEC+ crude oil production saw a significant increase of approximately 2.04 million barrels per day (mb/d) in October, reaching an average of 41.23 mb/d. This recovery was largely led by Saudi Arabia and occurred amidst ongoing geopolitical tensions in West Asia and persistent shipping risks in the Strait of Hormuz, which have kept Brent crude prices around $93 per barrel.