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Informist, Wednesday, May 13, 2026

 

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--OPEC cuts growth view for oil demand 2026 to 1.2 mln bpd from 1.4 mln bpd
--OPEC ups growth view for oil demand in 2027 to 1.5 mln bpd from 1.3 mln bpd
--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 Apr at 18.98 mln bpd, down 1.73 mln bpd on month
--OPEC, allies Apr oil output at 33.19 mln bpd, down 1.74 mln bpd on month
--OPEC: Russia Apr oil output at 9.06 mln bpd, dn 107,000 bpd on month
--OPEC: UAE Apr oil output at 2.02 mln bpd, up 131,000 bpd on month
--OPEC: Iraq Apr oil output at 1.39 mln bpd, down 291,000 bpd on month
--OPEC: Saudi Arabia Apr oil output at 6.77 mln bpd, down 958,000 bpd on mo
--OPEC: Kuwait Apr oil output at 600,000 bpd, down 561,000 bpd on month
--OPEC: OECD Mar crude oil stocks dn 21.6 mln bbl on month at 2.77 bln bbl
--OPEC: OECD Mar crude oil stocks 8.3 mln bbl higher than latest 5-yr avg
 

 

MUMBAI – The Organization of the Petroleum Exporting Countries has cut its forecast for growth in global crude oil demand in 2026 to 1.2 million barrels per day from 1.4 million barrels per day. Global oil demand in 2027 is forecast to grow to 1.5 million barrels per day, up from the group's last forecast of 1.3 million barrels per day, OPEC said in its May Oil Market Report.

 

Demand for oil from countries that are part of the Organization for Economic Cooperation and Development is expected to grow by 100,000 barrels per day this year, while demand from non-OECD countries is forecast to grow by around 1.1 million barrels per day. In 2027, oil demand from OECD countries is expected to grow by 200,000 barrels per day, and non-OECD demand is forecast to grow by about 1.3 million barrels per day, according to OPEC.

 

Oil demand from non-OECD countries is expected to be driven primarily by demand from other Asia, China and India, and further supported by Africa, Latin America and West Asia. 

 

India's oil demand in 2026 is seen at 5.85 million barrels per day, 20,000 barrels per day lower than OPEC's previous projection. In 2027, India's oil demand is projected to rise to 6.09 million barrels per day, according to OPEC.  

 

OPEC has retained its non-OPEC oil supply growth view for 2026 at 600,000 barrels per day and also retained the non-OPEC oil supply growth view for 2027 at 600,000 barrels per day. In 2027, non-Declaration of Cooperation liquids production is forecast to grow to about 55.4 million barrels per day. The main drivers for liquids supply growth are expected to be Qatar, Brazil, Canada and Argentina.

 

In April, crude oil production by countries participating in the Declaration of Cooperation – or OPEC and its allies – fell 1.74 million barrels per day to 33.19 million barrels per day, according to secondary sources in the report. In April, crude oil output by OPEC fell 1.73 million barrels per day to 18.98 million barrels per day, it said. 

 

Russia's crude oil output in April was at 9.06 million barrels per day, down 107,000 barrels per day on month. Crude oil output in the United Arab Emirates rose 131,000 barrels per day on month to 2.02 million barrels per day. Iraq's April oil output was at 1.39 million barrels per day, down 291,000 barrels per day on month.

 

Saudi Arabia, OPEC's de facto leader, produced 6.77 million barrels per day of oil in April, down 958,000 barrels per day on month, the association said. In April, Kuwait produced 600,000 barrels per day of oil, down 561,000 barrels per day on month.

 

In March, commercial crude oil stocks with OECD countries fell 21.6 million barrels on month to 2.77 billion barrels, according to the report. Stocks were 8.3 million barrels higher than the latest five-year average. At 1924 IST, the price of West Texas Intermediate Crude futures was 0.3% higher at $102.43 per barrel. The price of Brent Crude futures on the Intercontinental Exchange was $107.4 per barrel, down 0.5% from the previous close.  End

 

US$1 = INR 95.71

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

 

Reported by Taniva Singha Roy

Edited by Avishek Dutta

 

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