A satellite image shows smoke rising in the Ras Tanura oil refinery in Saudi Arabia after a drone attack
OPEC+ boosted production before crisis
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
OPEC+ oil output slightly increased in February compared with January, according to Petroleum Economist estimates, amid shifting geopolitical dynamics, rising regional tensions, supply disruptions and pressure to meet internal quotas. Some members are also working to expand production capacity ahead of a key independent audit in 2026, which will set new production baselines for 2027. The month-on-month comparison offers insight into the current balance within the group, as OPEC+ plans to increase oil output in April, with an agreement to raise production by 206,000b/d. However, this increase is minimal compared to a significant fall in supply caused by the closure of the Strait of Hormuz.
Also in this section
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
9 March 2026
Energy sanctions are becoming an increasingly prominent tool of US foreign policy, with the country’s growth in oil and gas production allowing it to impose pressure on rivals without jeopardising its own energy security or that of its allies, argues Matthew McManus, a visiting fellow at the National Center for Energy Analytics
6 March 2026
The March 2026 issue of Petroleum Economist is out now!
6 March 2026
After Europe’s rapid buildout of floating LNG import capacity, Exmar CEO Carl-Antoine Saverys says future growth in floating gas infrastructure will increasingly be driven by developing markets as lower prices, rising energy demand and the need to replace coal unlock new opportunities for unconventional and tailor-made solutions
