OPEC predicted on Wednesday a decline in global crude oil demand from the OPEC+ group by 400,000 barrels per day in the second quarter compared to the first quarter of this year, according to its monthly report published on its website.

OPEC explained that the average global demand for OPEC+ crude will reach 42.2 million barrels per day in the second quarter, down from 42.6 million barrels per day in the first quarter. There has been no adjustment to these forecasts compared to the previous report published last month, reflecting stability in the estimates.
The OPEC+ group, which includes OPEC countries alongside Russia and other allies, began increasing production last year after years of cuts, but halted output increases in the first quarter of 2026 amid expectations of a surplus in supply. Eight members of the OPEC+ coalition are set to meet on March 1 to decide on resuming production increases in April.

OPEC also maintained its forecast for an increase in global oil demand by 1.38 million barrels per day this year, and by 1.34 million barrels per day in 2027, which remains higher than estimates from some analysts such as the International Energy Agency.

OPEC+ indicated that it pumped 42.45 million barrels per day in January 2026, a decrease of 439,000 barrels per day from December 2025, due to production cuts in Kazakhstan, Russia, Venezuela, and Iran. This data underscores OPEC's commitment to balancing the market and controlling supply levels in line with global demand.

OPEC's recent forecasts reflect ongoing pressures on the global oil market, with slowing demand growth in the second quarter, which may affect crude prices and future production strategies for OPEC+ members, underscoring the importance of monitoring the coalition's decisions in upcoming meetings.