Opec has kept its oil demand growth projections for 2026 and 2027 unchanged.
In its Monthly Oil Market Report (MOMR), Opec forecasts oil demand to grow by 1.38mn b/d to 106.52mn b/d in 2026 and by 1.34mn b/d to 107.86mn b/d in 2027.
Opec said "healthy oil demand growth" is being supported by monetary policy easing by most major central banks last year.
Opec also kept its supply forecasts unchanged. It sees non-Opec supply growing by 630,000 b/d to 54.78mn b/d in 2026 and by 610,000 b/d to 55.39mn b/d in 2027.
Opec+ crude output — including Mexico — fell by 439,000 b/d to 42.448mn b/d in January, led by a steep output drop in Kazakhstan, based on an average of secondary sources including Argus. Opec estimates the call on Opec+ crude at 43mn b/d in 2026 and 43.6mn b/d in 2027.
