OPEC retains oil demand growth forecast
The Organization of the Petroleum Exporting Countries (OPEC) has maintained its global oil demand growth projection for 2026 at 1.4 million b/d.
IMAGE: Oil storage facility. Getty Images
OPEC has left its global oil demand forecast largely unchanged at 106.53 million b/d for the year, including about 46.08 million b/d from OECD economies.
OPEC has forecast oil demand from non-OECD countries to average around 60.44 million b/d this year – about 20,000 b/d lower than its February projection.
“Oil demand growth in 2026 is expected to be driven by transportation fuels, as well as healthy industrial, construction and agricultural activities in non-OECD countries,” OPEC said.
Global oil consumption in 2027 is expected to grow by about 1.3 million b/d, to average 107.9 million b/d – unchanged from OPEC’s previous projection.
OPEC sees demand growth for its crude at 42.9 million b/d for 2026. It expects demand for its crude to grow by 600,000 b/d to reach 43.6 million b/d next year.
Supply estimates
Total crude oil production by OPEC+ members averaged 42.7 million b/d last month, about 445,000 b/d higher than in January, OPEC said.
Oil production in Iran increased by 34,000 b/d in February to about 3.2 million b/d. The group’s second-largest producer Iraq increased production by 31,000 b/d to 4.2 million b/d during the same time.
UAE and Venezuela – two founding members – increased production by 30,000 b/d and 80,000 b/d to 3.4 million b/d and 903,000 b/d respectively.
Meanwhile, oil production in Russia fell by 56,000 b/d to about 9.2 million b/d, OPEC said.
The Vienna-headquartered coalition has hiked its non-OPEC production growth forecast by 600,000 b/d, with output expected to average around 54.8 million b/d this year.
The OPEC+ coalition comprise of the core 12 OPEC member countries, along with Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia and Sudan.
By Aparupa Mazumder
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