Saudi Arabia reports monthly crude output recovery to OPEC

Saudi Arabia reported to OPEC that its crude production surged by one third last month, recovering from its lowest level in over 30 years. Rigzone News reported that officials in Riyadh told the organization that output increased by roughly 2 million barrels a day to reach 8.372 million barrels a day. The figure appeared in a monthly report published by the OPEC secretariat. [1]

According to Rigzone News, Middle East crude exports moved back toward pre-war levels last month as regional producers increased shipments through the Strait of Hormuz choke-point. Saudi Arabia also restored crude flows through a critical pipeline to divert exports to the Red Sea after it was previously targeted by Houthi rebels in Yemen. Production remains noticeably below the volumes pumped prior to the conflict with Iran. [1]

Separately, Oilprice reported that OPEC expects global oil demand growth to expand by 2.6 million barrels per day in 2027. This follows an estimated demand growth of 200,000 barrels per day this year. According to Oilprice, OPEC raised its 2027 demand forecast, projecting average world consumption to increase from 105.7 million barrels per day in 2026 to 108.3 million barrels per day in 2027. [3]