The International Energy Agency reported a jump of 86 million barrels in global on-water oil reserves in October, the highest figure since January 2026.

OPEC’s oil production increased again last month to a daily peak of two million barrels, and as a result, for the first time since the start of the Middle East war, global oil supply outpaced demand.

According to this report, Iran’s oil production last month also continued its downward trend and fell by 80,000 barrels compared with September to about 1.86 million barrels, which equals Iran’s domestic oil consumption.

Based on the International Energy Agency’s assessment, Iran’s oil production has fallen by 46% since the start of the war through last month.