Crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) fell by 135,000 barrels per day (bpd) in January compared to December 2025, reaching around 28.45 million bpd, according to the group's latest Monthly Oil Market Report on Wednesday.
The largest output increase came from Iraq, while Venezuela recorded the biggest decline last month.
Iraq's daily oil production increased by 38,000 barrels to 4.2 million barrels, while Venezuela's output declined by 87,000 barrels per day to 830,000 barrels in January.
Total crude production by the OPEC+ alliance, comprising OPEC members and some major non-OPEC producers, fell by 439,000 bpd to 42.45 million bpd during the same period.
- Global oil demand forecasts remain unchanged
OPEC kept its global oil demand growth forecast for 2026 unchanged, projecting an increase of 1.38 million bpd year-on-year, bringing total demand to 106.5 million bpd.
Most of the growth is expected to come from non-OECD countries, where demand is seen rising by around 1.23 million bpd to 60.5 million bpd, led by China, Asian countries and Middle East.
Demand in OECD countries is projected to rise by just 150,000 bpd to 46.06 million bpd, driven mainly by OECD Americas and supported by OECD Europe, and OECD Asia-Pacific.
For 2027, OPEC expects demand to grow by around 1.34 million bpd, reaching 107.86 million bpd.
This is expected to reach 61.69 million bpd in non-OECD countries, with an increase of 1.24 million bpd, and 46.16 million bpd in OECD countries, with a rise of 110,000 bpd.
By Ebru Sengul Cevrioglu
Anadolu Agency
energy@aa.com.tr
