The Organization of the Petroleum Exporting Countries (OPEC) saw a decline in crude oil production in September, dropping by 604 thousand barrels per day to 26 million 40 thousand barrels compared to the previous month. According to OPEC’s monthly oil market report, Iran experienced the highest increase in crude oil production in September, while Libya faced the most significant decrease. Production in Iran rose by 21 thousand barrels per day to reach 3 million 316 thousand barrels, while Libya saw a decrease of 410 thousand barrels per day, falling to 540 thousand barrels. During the same period, the largest petroleum producer in the group, Saudi Arabia, experienced a daily production decrease of 23 thousand barrels, reaching 8 million 971 thousand barrels. OPEC’s crude oil production decreased by 604 thousand barrels per day to 26 million 40 thousand barrels in September. During this period, the total crude oil production from the OPEC and some non-OPEC producer countries forming the OPEC+ group amounted to 40 million 104 thousand barrels per day, reflecting a decrease of 557 thousand barrels compared to the previous month. OPEC revises its forecast for global petroleum demand downwards OPEC revised its forecast for global petroleum demand for this year by lowering it by 106 thousand barrels per day compared to its previous prediction. Accordingly, global petroleum demand is expected to reach 104 million 140 thousand barrels per day this year, showing an increase of 1 million 930 thousand barrels per day compared to the previous year. It is estimated that petroleum demand in OECD countries will increase by 130 thousand barrels per day to reach 45 million 780 thousand barrels this year. On the other hand, in non-OECD countries, demand is expected to increase by 1 million 800 thousand barrels per day to reach 58 million 360 thousand barrels. Furthermore, global demand is anticipated to reach 105 million 780 thousand barrels per day in 2025, showing an increase of 1 million 640 thousand barrels per day, which is slightly below the increase forecasted in OPEC’s previous report by 100 thousand barrels per day. During this period, it is estimated that demand will increase by approximately 110 thousand barrels per day in OECD countries and by 1 million 540 thousand barrels per day in non-OECD countries.