OPEC has projected a decrease in global demand for crude from the OPEC Plus alliance, forecasting a reduction of 400,000 barrels per day in the second quarter of this year compared to the first. According to the organization's monthly report, the average global demand for OPEC Plus crude is expected to reach 42.20 million barrels per day in Q2, down from 42.60 million in Q1. These adjustments reflect the changing dynamics in the global oil market, particularly amid increased production levels and market saturation concerns.

The OPEC Plus alliance, which includes OPEC members and Russia as well as other allies, began to gradually increase oil production last year after years of cuts. However, it has paused production increases in Q1 2026 as it anticipates an oversupply in the market. Additionally, OPEC has announced that eight members of the alliance plan to meet on March 1 to decide whether to resume production increases in April. This meeting could significantly influence global oil supply and pricing strategies moving forward.

Furthermore, OPEC maintained its long-term outlook for oil demand, projecting an increase of 1.34 million barrels per day in 2027 and 1.38 million barrels per day for this year, aligning with a more optimistic perspective compared to other organizations like the International Energy Agency. These projections underscore OPEC's confidence in future demand despite near-term adjustments, highlighting the organization's continuing role in shaping global oil market trends.