OPEC on Wednesday maintained its forecast for global oil demand to grow by 1.38 million barrels per day this year. Its 2026 demand estimate is still higher than estimates by other analysts, including the International Energy Agency.
Referring to economic growth, OPEC noted in its report that "ongoing geopolitical developments call for close monitoring, although their impact, if any, on growth prospects may be premature to determine."
OPEC announced that Saudi Arabia sharply increased its oil production in February in anticipation of U.S. and Israeli strikes on Iran, and maintained its forecast of relatively strong growth in global oil demand this year.
OPEC, in its monthly report published on its website, stated that Saudi Arabia informed the organization that its supply to the market in February amounted to 10.111 million barrels per day, while its production reached 10.882 million barrels per day.
The kingdom had announced production of 10.1 million barrels per day in January.
OPEC also reported, citing secondary sources, that OPEC+ production, which includes the Organization of the Petroleum Exporting Countries (OPEC) and other producers such as Russia, averaged 42.72 million bpd in February, up 445,000 bpd from January.
During a tripartite dialogue with Macron and Aoun. President Al-Shara affirms Syria's support for Lebanon's stability
During his participation in a trilateral dialogue that included French President Emmanuel Macron and Lebanese President Joseph Aoun, President Ahmed al-Sharaa affirmed Syria's full support for the stability and safety of Lebanon, and the efforts of the Government of Lebanon to restore sovereignty, enhance security and disarm the Hezbollah militia.
During the telephone conversation on Wednesday, President Al-Sharaa stressed the importance of opening a new page in Syrian-Lebanese relations, based on cooperation and coordination between the two countries in order to serve the interests of the two brotherly peoples.
The leaders also agreed to continue communication and joint coordination to support stability in the region, and to enhance opportunities for cooperation between Syria and Lebanon in various fields.