OPEC Holds Demand Steady; Supply Rises, Reserves Released

However, the supply side presents a more dynamic picture. OPEC+ crude output increased by 445,000 barrels per day in February, reaching an average of 42.72 million barrels per day.

Saudi Arabia also reported robust production at 10.882 million barrels per day, with 10.111 million barrels supplied to the market. Adding to the supply pressure, major economies like Japan and Germany have announced plans to release strategic oil reserves, with an International Energy Agency (IEA) recommendation anticipated. This confluence of steady long-term demand projections, increased short-term supply from OPEC+, and strategic reserve releases has contributed to significant volatility in WTI US Oil, which has fluctuated between $82 and $88 per barrel.