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Informist, Wednesday, Feb. 11, 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 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 January at 28.45 mln bpd, down 135,000 bpd on month
--OPEC, allies' Jan oil output at 42.45 mln bpd, down 439,000 bpd on month
--OPEC: Russia Jan oil output at 9.25 mln bpd, down 58,000 bpd on month
--OPEC: Kazakhstan Jan oil output at 1.33 mln bpd, down 249,000 bpd on month
--OPEC: OECD Dec crude oil stocks up 6.5 mln bbl on month at 2.85 bln bbl
--OPEC: OECD Dec crude oil stocks 44.1 mln 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, also unchanged from the previous forecast, OPEC said in its February Oil Market Report.

 

India's oil demand in 2026 is seen at 5.87 million barrels per day, unchanged from OPEC's previous projection. In 2027, India's oil demand is projected to rise to 6.09 million barrels per day, also unchanged from the previous forecast.

 

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 this year while demand from non-OECD countries is forecast to grow by around 1.2 million barrels per day, both unchanged from the previous forecast. Oil demand from OECD countries is expected to grow by around 100,000 barrels per day in 2027. 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 January's forecast. Supply from countries not participating in the Declaration of Cooperation is also estimated to rise by 600,000 barrels per day in 2027 to average 55.40 million barrels per day. The main drivers of growth in both years are expected to be Brazil, Canada, Qatar, and Argentina.

 

Crude oil production in January from countries participating in the Declaration of Cooperation--or OPEC and its allies--fell by 439,000 barrels per day from December to 42.45 million barrels per day, according to secondary sources in the report. In January, according to the secondary sources, total OPEC crude oil production was 28.45 million barrels per day, 135,000 barrels per day lower than in December.

 

Saudi Arabia, OPEC's de facto leader, produced around 10.1 million barrels per day of oil in January, 13,000 barrels per day more than in December. Oil output in Russia fell 58,000 barrels per day on month to 9.25 million barrels per day in January. Oil output in Kazakhstan, which had been accused of producing more than its quota last year, fell 249,000 barrels per day to 1.33 million barrels per day.

 

In December, commercial crude oil stocks with OECD countries rose 6.5 million barrels on month to 2.85 billion barrels, according to the report. Stocks were 44.1 million barrels higher than the latest five-year average. At 1932 IST, the price of West Texas Intermediate Crude futures was 2.2% higher at $65.34 per barrel. The price of Brent Crude futures on the Intercontinental Exchange was $70.23 per barrel, up 2.1% from the previous close.  End

 

US$1 = INR 90.70

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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