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In October, OPEC's oil production increased by approximately 1.97 million barrels per day, reaching around 27.16 million barrels daily. Saudi Arabia and Iraq saw significant production boosts, with Saudi output rising by 1.18 million barrels to about 9.19 million barrels per day. Iraq's production increased by 496,000 barrels to 4.49 million barrels daily. Other countries like Kuwait, UAE, Libya, Venezuela, and Gabon also reported production increases, while Iran and Nigeria experienced declines. OPEC+ production rose by about 2.04 million barrels per day, totaling an average of 41.23 million barrels daily. OPEC maintained its forecasts for global oil demand growth for 2026 and 2027, predicting an increase of 180,000 barrels per day annually, reaching an average of 105.72 million barrels per day by 2026.
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