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A Bloomberg survey estimated OPEC crude production rose by 930,000 barrels per day in October to 22.8 million barrels per day, led by a 970,000-barrel-per-day increase in Saudi output. Increased Gulf supply helped cool oil prices, although production in Iran was squeezed by a US naval blockade.
More crude supply arriving while consumption remains weak can ease competition for feedstock and reduce energy costs, putting downward pressure on oil prices.
rigzone.comGrant Smith, Julian LeeNov 7, 2026After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
