OPEC Raises 2027 Oil Demand Outlook as Saudi September Output Surges

WTI crude futures fell 1.64% to $92.20 per barrel after OPEC released its latest monthly market report presenting mixed market signals. OPEC raised its 2027 global oil demand growth forecast, citing the need to rebuild depleted crude inventories following disruptions tied to the Iran war. Conversely, OPEC trimmed its 2026 demand growth projection for a sixth consecutive month, previously lowering it to 400,000 barrels per day from 1.4 million bpd. Concurrently, Saudi Arabia's crude production jumped by more than 2 million bpd month-over-month in September to reach 8.372 million bpd.