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Informist, Wednesday, Jan. 14, 2026

 

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--OPEC retains growth view for oil demand in 2026 at 1.4 mln bpd
--OPEC sees growth view for oil demand in 2027 at 1.3 mln bpd
--OPEC retains non-OPEC oil supply growth view for 2026 at 600,000 bpd
--OPEC sees non-OPEC oil supply growth view for 2027 at 600,000 bpd
--OPEC oil production in December at 28.56 mln bpd, up 105,000 bpd on month
--OPEC, allies' Dec oil output at 42.83 mln bpd, down 238,000 bpd on month
--OPEC: Russia Dec oil output at 9.30 mln bpd, down 73,000 bpd on month
--OPEC: Saudi Arabia Dec oil output at 10.1 mln bpd, up 27,000 bpd on month
--OPEC: Kazakhstan Dec oil output at 1.52 mln bpd, down 237,000 bpd on month
--OPEC: Venezuela Dec oil output at 896,000 bpd, down 60,000 bpd on month
--OPEC: OECD Nov crude oil stocks up 4 mln bbl on month at 2.84 bln bbl
--OPEC: OECD Nov crude oil stocks 300,000 bbl higher than latest 5-yr avg

 

MUMBAI – The Organization of the Petroleum Exporting Countries has kept its forecast for growth in global crude oil demand for 2026 unchanged at 1.4 million barrels per day. Global oil demand in 2027 is forecast to grow by 1.3 million barrels per day, OPEC said in its January Oil Market Report.

 

India's oil demand in 2026 is seen at 5.87 million barrels per day, down slightly from OPEC's previous projection of 5.88 million barrels per day. In 2027, India's oil demand is projected to rise to 6.09 million barrels per day.

 

In 2026, oil demand from countries that are part of the Organization for Economic Cooperation and Development is expected to grow by 150,000 barrels per day, while demand from non-OECD countries is forecast to grow by around 1.2 million barrels per day. Oil demand from OECD countries is expected to grow by around 100,000 barrels per day in 2027 and non-OECD demand is likely to grow by 1.2 million barrels per day, according to OPEC.

 

In 2026, oil supply from countries that have not participated in the Declaration of Cooperation is forecast to grow by 600,000 barrels per day to average 54.80 million barrels per day, with growth unchanged from last month's forecast. Supply from countries not participating in the Declaration of Cooperation is estimated to rise by 600,000 barrels per day in 2027 to average 55.40 million barrels per day. The main drivers of growth are expected to be Brazil, Canada, the US, and Argentina in both years.

 

Crude oil production in December from countries participating in the Declaration of Cooperation--or OPEC and its allies--fell by 238,000 barrels per day from the previous month to 42.83 million barrels per day, according to secondary sources in the report. In December, according to secondary sources, total OPEC crude oil production was 28.56 million barrels per day, which is 105,000 barrels per day higher than in November.

 

Saudi Arabia, the de-facto leader of the group, produced around 10.1 million barrels per day of oil in December, up 27,000 barrels per day from November. Oil output in Russia fell 73,000 barrels per day on month to 9.30 million barrels per day in December. Production in Venezuela was down 60,000 barrels per day on month at 896,000 barrels per day. Oil output in Kazakhstan, which had been accused of producing more than its quota last year, fell 237,000 barrels per day to 1.52 million barrels per day in December.

 

In November, crude oil commercial stocks with OECD countries rose by 4 million barrels to 2.84 billion barrels, according to the report. Stocks were 300,000 barrels higher than the latest five-year average. At 1820 IST, the price of West Texas Intermediate crude oil was 0.8% higher at $61.65 per barrel. The price of Brent crude on the Intercontinental Exchange was $66.02 per barrel, up 0.8% from the previous close.  End

 

US$1 = INR 90.29

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

 

Reported by Ashutosh Pati

Edited by Rajeev Pai

 

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