OPEC

Eid Mubarak! We wish you joyful and blessed celebrations on the occasion of Eid al-Fitr.

In February, crude oil production by countries participating in the DoC increased by 445 tb/d, m-o-m, to average about 42.72 mb/d, according to available secondary sources #MOMR

In 2027, non-DoC liquids production is also forecast to grow by about 0.6 mb/d, unchanged from last month’s assessment, mainly driven by Brazil, Canada, Qatar, and Argentina #MOMR

Non-DoC liquids production (i.e., liquids production from countries not participating in the Declaration of Cooperation) is forecast to grow by about 0.6 mb/d, y-o-y, in 2026, unchanged from last month’s assessment, mainly driven by Brazil, Canada, the US, and Argentina #MOMR

In 2027, global oil demand is forecast to grow by about 1.3 mb/d, y-o-y, unchanged from last month’s assessment. The OECD is forecast to grow by 0.1 mb/d next year, while the non-OECD is forecast to grow by around 1.2 mb/d, y-o-y #MOMR

The global oil demand growth forecast for 2026 remains at a healthy 1.4 mb/d, y-o-y, unchanged from last month’s assessment. The OECD is forecast to grow by 0.15 mb/d, while the non-OECD is forecast to grow by about 1.2 mb/d #MOMR

#OPEC’s Monthly Oil Market Report for March 2026 is now available online #MOMR Download 👉momr.opec.org/pdf-download/

On #InternationalWomensDay OPEC honours the ongoing contributions of women in the energy industry.

Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability Read Press Release ➡️opec.org/pr-detail/1619…

Challenges such as curtailment and the intermittency of renewables continue to strain system stability, driving additional costs, as the share of renewables increases. The shift toward renewables exposes technical limitations in grid flexibility and stability, most notably aging grid infrastructure and the urgent need for new grid capabilities to accommodate decentralized renewable technologies. The challenge extends beyond simply replacing fossil fuel plants; ensuring a reliable, 24/7 power supply requires a resilient system capable of providing consistent baseload power. #CostOfRenewables

Petroleum Products Make Space Exploration Possible.

In the spirit of the Holy Month of Ramadan, the #OPEC Secretariat hosted an #Iftar gathering for its staff and community. Beyond the meal, it was a meaningful opportunity for reflection and to deepen the bonds of gratitude that unite us all.

The #OPEC Secretariat hosted its annual #Iftar gathering, bringing together the OPEC family in the spirit of the Holy Month of #Ramadan. A cherished time for reflection, gratitude, and strengthening the bonds of our global community. #RamadanKareem

A consistent approach in a shifting world. Read more in our latest edition of the OPEC Bulletin: opec.org/assets/assetdb…

Global proven crude oil reserves stood at 1,567billion barrels (bn b) at the end of 2024, higher by 2 bn b, y-o-y. Proven crude oil reserves in OPEC Member Countries remained unchanged at 1,241 bn b at the end of 2024, which is almost 80% of global proven oil reserves.

The #OPEC Family presents its heartfelt wishes to the leaders and people of Kuwait on the occasion of their 65th Anniversary of Independence and the 35th Anniversary of Liberation.

Standard LCOE, often reported by agencies, reflects only a part of the cost picture, as it excludes the complexity of fully integrating intermittent and decentralized sources like wind and solar. When the system full costs are considered, the price for renewable electricity increases significantly. In 2024, these “additional costs” reached $38/MWh for solar PV, $24/MWh for onshore wind and $38/MWh for offshore wind. Projections to 2050 suggest that system “additional costs” will range between $29-43/MWh, $26-39/MWh and $50-85/MWh for the three energy sources, respectively. When integration costs are properly accounted for, the Total LCOE (system costs) increases significantly. In 2024, the Total LCOE was estimated at $77/MWh for solar PV, $72/MWh for onshore wind, and $127/MWh for offshore wind. By 2050, the Total LCOE (system costs) are expected to range between $57–83/MWh for solar PV, $65–105/MWh for onshore wind, and $113–184/MWh for offshore wind. #CostOfRenewables

Happy #NationalDay, Brunei Darussalam! The #OPEC Family wishes your Leadership and People prosperity and success. Brunei is a member of the OPEC non-OPEC Declaration of Cooperation.

Dirty tanker spot freight rates declined slightly in 2024 across several major routes. Middle East to Far East averaged 57 percent of Worldscale ($13.5 per tonne), down from 58 percent in 2023. West Africa to US Gulf Coast fell to 94 percent, and Indonesia to Far East eased to 153 percent.