OPEC Crude Oil Production Rises 164,000bpd in February
Crude oil production by the Organisation of the Petroleum Exporting Countries (OPEC) rose by 164,000 barrels per day (bpd) in February compared to January 2026, reaching around 28.63 million bpd, according to the group’s latest Monthly Oil Market Report on Wednesday.
The largest output increase came from Venezuela, while Nigeria recorded the biggest decline last month. Venezuela’s daily oil production increased by 80,000 barrels to 903,000 barrels, while Nigeria’s output declined by 28,000 barrels per day to 1.46 million barrels in February.
Total crude production by the OPEC+ alliance, comprising OPEC members and some major non-OPEC producers, increased by 445,000 bpd to 42.72 million bpd during the same period.
OPEC kept its global oil demand growth forecast for 2026 unchanged, projecting a year-on-year increase of 1.38 million bpd, bringing total demand to 106.5 million bpd.
Most of the growth is expected to come from non-OECD countries, where demand is seen rising by around 1.23 million bpd to 60.44 million bpd, led by China, Asian countries and Middle East.
Demand in OECD countries is projected to rise by just 150,000 bpd to 46.08 million bpd, driven mainly by OECD Americas and supported by OECD Europe and OECD Asia-Pacific.
For 2027, OPEC expects demand to grow by around 1.34 million bpd, reaching 107.87 million bpd.
This is expected to reach 61.68 million bpd in non-OECD countries, up by 1.24 million bpd, and 46.19 million bpd in OECD countries, up by 110,000 bpd. Conoil Rallies as Investors Reprice Downstream Plays
