According to a draft copy of the Organization of the Petroleum Exporting Countries (OPEC) report seen by Reuters, the cartel left its forecasts for global Oil demand growth in 2026 and 2027 unchanged. The organization noted that current geopolitical developments require close monitoring, but said it is still too early to determine whether they could significantly impact its projections for global economic growth.
On the supply side, the report showed that Crude output from the Organization of the Petroleum Exporting Countries and its allies (OPEC+) averaged 42.72 million barrels per day in February, representing an increase of 445,000 barrels per day compared with January.
Saudi Arabia also provided updated figures on its production and market supply. Riyadh told OPEC that its Oil supply to the market reached 10.111 million barrels per day in February, while production stood higher at 10.882 million barrels per day.
These developments come shortly after several major economies signaled their intention to release strategic Oil reserves. Japan confirmed earlier that it plans to begin releasing part of its reserves as early as March 16, even before a formal recommendation from the International Energy Agency (IEA), while Germany also indicated it would release part of its strategic reserves.
The IEA is expected to announce a recommendation regarding the potential release of strategic Oil reserves later in the day, according to Reuters.
Market reaction
WTI US Oil remains volatile on Wednesday, fluctuating without a clear direction, trading within a range between $82 and $88 since the beginning of the European session.
