Economic Insights: OPEC Monthly Report Overview
The most recent report from OPEC indicates that the global economy is projected to grow by 3.1% in 2025 and 3.2% in 2026, maintaining previous forecasts. This outlook underscores a steady trajectory in economic performance worldwide.
OPEC has also outlined its expectations for global oil demand growth, forecasting an increase of 1.4 million barrels per day for both 2025 and 2026. Conversely, the organization’s outlook for supply growth from non-OPEC nations has been adjusted downward to 1 million barrels per day for the same period.
Furthermore, demand for oil from OPEC member countries is expected to rise, with projections set at 42.6 million barrels per day in 2025 and 42.9 million barrels per day in 2026.
OPEC Oil Production Analysis
In terms of production, OPEC reported a decrease of 121,000 barrels per day in January, bringing total production down to 26.6 million barrels per day. In contrast, the oil production from non-OPEC countries involved in the cooperation agreement saw a slight increase, up by approximately 3,000 barrels per day to reach 13.9 million barrels per day. Overall, the production from the countries partaking in the cooperation declaration declined by 118,000 barrels per day, totaling 40.6 million barrels per day for the month.
