Opec output bounces back as global supply increases
Global oil supply inched up by 90,000 b/d in February, reaching 90.8 million b/d, as a rise in Opec crude production boosted supply
Opec crude output reached 30.49m b/d last month, up 150,000 b/d, mainly driven by increased supply from Iraq and smaller increments from Iran, Algeria, Qatar, Nigeria and Libya. These increases offset lower output from Angola, the International Energy Agency (IEA) said. However, demand for Opec crude will remain subdued, mostly because of cutbacks from refiners as the peak spring turnaround period begins, especially at plants in Asia. The agency said heavy spring refinery maintenance cut the call on Opec crude for 2013 to 29.7m b/d, a drop of 100,000 b/d on January estimates. Increased militant activity in Libya and Nigeria may also curb output in March. Although Venezuela’s production does
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
