The Organization of Petroleum Exporting Countries (OPEC) increased its crude oil production by 154,000 barrels per day (bpd) in February, reaching a total of 26.86 million bpd. This represents a 0.6% rise, according to OPEC’s latest monthly oil market report.
This surge in production follows pressure from U.S. President Donald Trump, who urged the oil group to adjust supply levels to help control energy costs. The report shows that all OPEC member countries, except for Gabon and Congo, saw an increase in output last month.
The biggest production boosts came from Iran and Nigeria, with both countries increasing their output by 34,000 bpd. Iran’s production rose to 3.3 million bpd, while Nigeria reached 1.56 million bpd. On the other hand, Gabon’s output declined by 6,000 bpd to 226,000 bpd, and Congo’s production dropped slightly by 1,000 bpd to 257,000 bpd.
Beyond OPEC, the broader OPEC+ alliance—which includes non-OPEC producers—also saw a production increase of 363,000 bpd, bringing the total output to about 41.01 million bpd.
Global oil demand for 2025 remains unchanged from previous projections, with expectations that demand will rise by 1.45 million bpd (1.4%), reaching a total of 105.2 million bpd for the year. The demand in developed countries (OECD) is forecasted to grow by just 110,000 bpd, while non-OECD countries will drive most of the growth with an expected increase of 1.34 million bpd. By the end of 2025, oil consumption in non-OECD nations is predicted to hit 59.31 million bpd, while OECD demand is estimated at 45.88 million bpd.
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