2026-03-11 13:04:00
Saudi Arabia sharply increased oil production in February before the Iran war, as part of a ‘contingency’ plan ahead of strikes. Production in the oil superpower rose to 10.882 million barrels per day compared to 10.10 mbpd in January.
That boosted overall OPEC+ crude output to 42.72 mbpd, up 445,000 barrels per day.
A statement from OPEC said the current geopolitical developments require close monitoring and their impact, if any, on its global economic growth forecast may be too early to determine.
In terms of forecasts, OPEC left demand growth for 2026 and 2027 unchanged.
