Logo of OPEC
OPEC maintained its forecasts for global oil demand growth for both the current and following years in its monthly report released on Wednesday. 
The organization held its projections steady at 1.4 million barrels per day (bpd) for 2026 and approximately 1.3 million bpd for the year after.
The report detailed that the OPEC+ alliance produced 42.5 million bpd in January 2026, marking a decrease of 439,000 bpd compared to December 2025 levels. This decline was attributed to production drops in Kazakhstan, Russia, Venezuela, and Iran.
Additionally, eight OPEC+ members are scheduled to meet on March 1 to decide whether to proceed with a planned production increase starting next April.
Logo of OPEC
OPEC maintained its forecasts for global oil demand growth for both the current and following years in its monthly report released on Wednesday.
The organization held its projections steady at 1.4 million barrels per day (bpd) for 2026 and approximately 1.3 million bpd for the year after.
The report detailed that the OPEC+ alliance produced 42.5 million bpd in January 2026, marking a decrease of 439,000 bpd compared to December 2025 levels. This decline was attributed to production drops in Kazakhstan, Russia, Venezuela, and Iran.
Additionally, eight OPEC+ members are scheduled to meet on March 1 to decide whether to proceed with a planned production increase starting next April.
