OPEC oil production in November declines in November

Crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) fell by 1,000 barrels per day (bpd) in November compared to the previous month, reaching around 28.48 million bpd, according to the group’s latest Monthly Oil Market Report.

Venezuela, Iraq, and Iran recorded the largest declines, while the largest output increase came from Saudi Arabia last month.

Saudi Arabia, the group’s top producer, increased its output by 54,000 bpd to about 10 million bpd, while Venezuela’s production declined by 27,000 bpd to roughly 934,000 bpd. Iraq’s output declined by 21,000 bpd to around 4 million bpd, and Iran’s slipped by 19,000 bpd to around 3.2 million bpd.

Total crude production by the OPEC+ alliance, comprising OPEC members and some major non-OPEC producers, rose by 43,000 bpd to 43.07 million bpd during the same period. OPEC kept its global oil demand growth forecast for 2025 and 2026 unchanged, projecting an increase of 1.3 million bpd year-on-year, bringing total demand to 105.1 million bpd.

Most of the growth is expected to come from non-OECD countries, where demand is seen rising by around 1.18 million bpd to 59.17 million bpd in 2025, led by Asian countries, China, India and continued gains in Africa and the Middle East.

Demand in OECD countries is projected to rise by 120,000 bpd to 45.96 million bpd, driven mainly by OECD Americas, while demand in both OECD Europe and OECD Asia-Pacific is forecast to decline slightly year-on-year. For 2026, OPEC expects demand to grow by around 1.38 million bpd, reaching 106.52 million bpd.