Crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) declined by approximately 7.9 million barrels per day (bpd) in March 2026 compared to February, as disruptions triggered by US-Israeli airstrikes on Iran and Tehran’s retaliatory actions across the region impacted supply.

According to OPEC’s latest Monthly Oil Market Report, the group’s total production in March amounted to around 20.79 million bpd, The Caspian Post reports, citing Anadolu.

The most significant production cuts were registered in Iraq, Saudi Arabia, the United Arab Emirates (UAE), and Kuwait.

Iraq’s crude output fell by about 2.56 million bpd to roughly 1.63 million bpd, while Saudi Arabia’s production decreased by around 2.3 million bpd to 7.8 million bpd.

In the UAE, production dropped by approximately 1.53 million bpd to 1.89 million bpd, and Kuwait recorded a decline of about 1.37 million bpd, bringing its output to nearly 1.2 million bpd in March.

Iran also saw its crude production decrease by 182,000 bpd to around 3.06 million bpd, as US-Israeli airstrikes on the country that began on February 28 continued to affect output.

Among OPEC members, only Venezuela and Nigeria posted increases in daily production during the month. Venezuela’s output rose by 79,000 bpd to 988,000 bpd, while Nigeria’s production grew by 22,000 bpd to 1.46 million bpd.

OPEC maintained its global oil demand growth forecast for 2026 unchanged, projecting a year-on-year increase of 1.38 million bpd, which would bring total demand to 106.53 million bpd.

“An upward revision in 1Q26 is made for China, based on actual data received amid better-than-expected performance in the country. The demand growth for 2Q26 is revised down for both the OECD and non-OECD, driven mainly by a slight transitory weakness in oil demand growth, given ongoing developments in the Middle East. However, this weakness is expected to be compensated in the second half of the year,” OPEC said.

In 2026, the bulk of demand growth is expected to come from non-OECD countries, where consumption is forecast to rise by around 1.26 million bpd to 60.46 million bpd. This increase will be led by China, other Asian countries, and India, with additional support from Africa, the Middle East, and Latin America.

Meanwhile, demand in OECD countries is projected to grow modestly by 130,000 bpd to 46.07 million bpd, with the Americas driving most of the increase, supported by OECD Europe, while demand in OECD Asia-Pacific is expected to slightly decline.

Looking ahead to 2027, OPEC forecasts global oil demand to increase by around 1.34 million bpd, reaching 107.87 million bpd. Demand in non-OECD countries is expected to rise by 1.24 million bpd to 61.7 million bpd, while OECD demand is projected to grow by about 100,000 bpd to 46.17 million bpd.