OPEC+ (Declaration of Cooperation)¶
Coalition of oil-producing countries managing supply through coordinated production agreements.
Pre-Crisis State (Feb 2026)¶
- DoC crude production: 42.72 mb/d (up 445 tb/d m-o-m in Feb)
- DoC crude demand 2026: 42.9 mb/d (+0.6 vs 2025)
- Non-DoC supply growth: 0.6 mb/d (US, Brazil, Canada, Argentina)
Crisis Impact¶
- Multiple OPEC+ members forced to cut production due to Hormuz closure
- Major cuts in Iraq, Qatar, Kuwait, UAE, Saudi Arabia
- JP Morgan estimates total cuts approaching 10 mb/d
- Saudi Arabia rerouting some crude via East-West Pipeline
- UAE rerouting via ADCOP pipeline to Fujairah