In its monthly report released today, the Organization of the Petroleum Exporting Countries (OPEC) maintained its forecasts for global oil demand growth for this year and next, holding steady at 1.4 million barrels per day for this year and approximately 1.3 million barrels per day for next year. This report reflects the organization's stable outlook on oil market fundamentals despite global geopolitical and economic challenges.
OPEC+ production details and forecasts
In its detailed production data, the organization explained that the OPEC+ alliance pumped approximately 42.5 million barrels per day in January 2026, marking a significant decrease of 439,000 barrels per day compared to the preceding month of December. The organization attributed this decline primarily to reduced production rates in several member and partner countries, specifically Kazakhstan, Russia, Venezuela, and Iran, reflecting either adherence to supply control policies or technical and logistical challenges faced by these nations.
General context and importance of the oil alliance
This data is particularly important given the historical role of OPEC and the OPEC+ alliance in balancing global energy markets. Since its inception, the organization has sought to coordinate oil policies to ensure price stability in international markets, guaranteeing a fair return for producers and a steady supply for consumers. Maintaining unchanged demand forecasts is an indicator of the organization's confidence in the global economic recovery and its capacity to absorb oil supplies, despite fluctuations that may arise due to political or climatic changes.
The report's implications for global prices
In spot trading, markets reacted positively to these reassurances, with oil prices extending their gains during the day's trading. This rise coincides with investors assessing the prospects for US-Iranian negotiations, amid anticipation of the release of official US inventory data, a vital indicator of demand levels in the world's largest economy.
These developments translated into figures, with Brent crude futures for April delivery rising 1.4%, or 96 cents, to $69.76 a barrel. Similarly, West Texas Intermediate (WTI) crude futures for March delivery increased 1.45%, or 92 cents, to $64.89 a barrel.
Upcoming meetings and market trends
All eyes are now on the upcoming meeting of the eight members of the OPEC+ alliance, scheduled for March 1st, to make crucial decisions regarding future production policies, specifically the possibility of resuming production increases in April. These meetings are a key driver for the markets, as economic analysts and policymakers closely watch for any signals that might affect the global supply and demand balance in the coming period.
