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Informist, Monday, Apr. 13, 2026

 

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--OPEC retains growth view for oil demand in 2026 at 1.4 mln bpd 
--OPEC retains growth view for oil demand in 2027 at 1.3 mln bpd 
--OPEC lowers Apr-Jun oil demand growth view due to impact of West Asia war 
--OPEC retains non-OPEC oil supply growth view for 2026 at 600,000 bpd 
--OPEC retains non-OPEC oil supply growth view for 2027 at 600,000 bpd 
--OPEC oil production in Mar at 20.79 mln bpd, down 7.9 mln bpd on month 
--OPEC, allies' Mar oil output at 35.06 mln bpd, down 7.7 mln bpd on month 
--OPEC: Russia Mar oil output at 9.17 mln bpd, up 3,000 bpd on month 
--OPEC: UAE Mar oil output at 1.9 mln bpd, down 1.5 mln bpd on month 
--OPEC: Iraq Mar oil output at 1.6 mln bpd, down 2.6 mln bpd on month 
--OPEC: Saudi Arabia Mar oil output at 7.8 mln bpd, down 2.3 mln bpd on month 
--OPEC: Kuwait Mar oil output at 1.2 mln bpd, down 1.4 mln bpd on month 
--OPEC: OECD Feb crude oil stocks up 6.2 mln bbl on month at 2.83 bln bbl 
--OPEC: OECD Feb crude oil stocks 38.5 mln bbl higher than latest 5-yr avg 

 

MUMBAI – The Organization of the Petroleum Exporting Countries has lowered the forecast for growth in global crude oil demand in Apr-Jun by 500,000 barrels per day due to the impact of the war in West Asia. "The demand growth for 2Q26 (Apr-Jun) is revised down for both the OECD (Organisation for Economic Cooperation and Development) and non-OECD, driven mainly by slight transitory weakness in oil demand growth, given ongoing developments in Middle East (West Asia)", OPEC said in its April Oil Market Report.

 

Global oil demand in the second quarter of 2026 was revised down to 105.07 million barrels per day from 105.57 million barrels per day projected last month. However, this weakness is expected to be compensated in the second half of the year, it said. The group has kept its forecast for growth in global crude oil demand for 2026 unchanged at 1.4 million barrels per day and for 2027 at 1.3 million barrels per day, also unchanged from the group's last forecast.

 

Oil production from the group crashed last month, with Iraq being the most affected, followed by Saudi Arabia, the United Arab Emirates, and Kuwait. Total OPEC crude oil production in March fell around 7.9 million barrels per day to 20.79 million barrels per day, the report said, citing secondary sources. Crude oil production in March from countries participating in the Declaration of Cooperation – or OPEC and its allies – fell by 7.7 million barrels per day to 35.06 million barrels per day.

 

Crude oil production in Saudi Arabia, OPEC's de facto leader, fell by 2.3 million barrels per day to 7.8 million barrels per day. Oil production in Iraq plunged by 2.6 million barrels per day to 1.6 million barrels per day. The UAE and Kuwait recorded a fall of 1.5 million barrels per day and 1.4 million barrels per day to 1.9 million barrels per day and 1.2 million barrels per day, respectively. Oil output in Russia rose 3,000 barrels per day in March to 9.17 million barrels per day.

 

Demand for oil from countries that are part of the OECD is expected to grow by 100,000 barrels per day this year, lower from 150,000 barrels per day projected last month. Demand from non-OECD countries is forecast to grow by around 1.3 million barrels per day, higher than the 1.2 million barrels per day forecast last month. In 2027, oil demand from OECD countries is expected to grow by around 100,000 barrels per day, and non-OECD demand by 1.2 million barrels per day, unchanged from the previous forecast, according to OPEC.

 

Oil supply from countries that have not participated in the Declaration of Cooperation is forecast to grow by 600,000 barrels per day, averaging 54.80 million barrels per day this year, with growth unchanged from the last forecast. The main drivers of growth are expected to be Brazil, Canada, the US, and Argentina. In 2027, supply from countries not participating in the Declaration of Cooperation is also estimated to rise by 600,000 barrels per day, averaging 55.40 million barrels per day. The main drivers of growth in 2027 are expected to be Brazil, Canada, Qatar, and Argentina.

 

In February, commercial crude oil stocks with OECD countries rose by 6.2 million barrels on month to 2.83 billion barrels, according to the report. Stocks were 38.5 million barrels higher than the latest five-year average. At 1844 IST, the price of West Texas Intermediate Crude futures was 1.3% lower at $103.62 per barrel. The price of Brent Crude futures on the Intercontinental Exchange was $101.90 per barrel, up 7% from the previous close.  End

 

US$1 = INR 93.37

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Ashutosh Pati

Edited by Deepshikha Bhardwaj

 

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