Overview
- OPEC estimates demand for OPEC+ crude at 42.20 million bpd in the second quarter, down from 42.60 million bpd in the first quarter, with both figures unchanged from last month.
- OPEC+ production averaged 42.45 million bpd in January, a decline of 439,000 bpd from December driven by cuts in Kazakhstan, Russia, Venezuela and Iran.
- Russia’s January output fell by 58,000 bpd to 9.246 million bpd, which was 328,000 bpd below its OPEC+ plan for the month.
- Russia’s quota for January–March 2026 stands at 9.574 million bpd, with other major members’ quotas unchanged from December under the extended pause.
- OPEC kept its global oil demand-growth forecasts steady at 1.38 million bpd for 2026 and 1.34 million bpd for 2027, noting its 2026 view exceeds some external estimates.