The Organization of the Petroleum Exporting Countries (OPEC) recorded a marginal reduction in crude oil output for the month of November, slipping by 1,000 barrels per day (bpd) to an estimated 28.48 million bpd, according to the group’s latest Monthly Oil Market Report released on Thursday.
The data shows that Venezuela, Iraq and Iran accounted for the most significant output declines, while Saudi Arabia—the group’s leading producer—posted the highest increase in production for the month.
Saudi Arabia boosted its supply by 54,000 bpd, bringing its total production to roughly 10 million bpd. In contrast, Venezuela’s output fell by 27,000 bpd to about 934,000 bpd. Iraq recorded a drop of 21,000 bpd to around 4 million bpd, while Iran’s production slipped by 19,000 bpd to approximately 3.2 million bpd.
However, crude supply from the broader OPEC+ coalition—which includes non-OPEC partners—rose by 43,000 bpd to reach 43.07 million bpd in the same period.
OPEC maintained its forecast for global oil demand growth in 2025 and 2026, projecting a year-on-year rise of 1.3 million bpd, which would bring total global demand to about 105.1 million bpd.
The report indicates that most incremental demand will originate from non-OECD regions, especially Asian economies including China and India, with additional growth anticipated across Africa and the Middle East. Demand within OECD countries is expected to grow modestly by 120,000 bpd to 45.96 million bpd, driven primarily by consumption in OECD Americas, while slight declines are projected in OECD Europe and OECD Asia-Pacific.
For 2026, OPEC anticipates a demand expansion of approximately 1.38 million bpd, pushing overall global demand to around 106.52 million bpd.
 recorded a marginal reduction in crude oil output for the month of November, slipping by 1,000 barrels per day (bpd) to an estimated 28.48 million bpd, according to the group’s latest Monthly Oil Market Report released on Thursday.){kind=link}