All news

OPEC countries’ January output 0.93 mln bpd below OPEC+ agreements

According to the plan, OPEC+ countries must reduce oil output by 2 mln bpd from August levels starting in November 2022

MOSCOW, February 14. /TASS/. OPEC countries in January 2023 reduced oil production by 49,000 barrels per day (bpd) to 28.876 mln bpd, the organization said in its February report. At the same time, OPEC countries (except Iran, Libya, and Venezuela), participating in the OPEC+ agreement, reduced oil production in January by 77,000 bpd to 24.485 mln bpd, which is 0.93 mln bpd below the agreements set by the deal.

According to the plan, OPEC+ countries must reduce oil output by 2 mln bpd from August levels starting in November 2022. According to the deal, ten OPEC members were expected to drop output by 1.273 mln bpd to 25.416 mln bpd. At the same time, OPEC members produced 1 mln bpd less than the revised quotas in November, at the time bringing the total production level to 24.478 mln bpd. In January, the real volume of output by OPEC members reached 24.485 mln bpd, which is 931,000 bpd below the OPEC+ agreement's target.

Oil output in Saudi Arabia (OPEC's largest oil producer) fell by 156,000 bpd in January to 10.319 mln bpd, which is lower than the plan under the OPEC+ agreement (10.478 mln bpd), the report said. The UAE boosted output by 4,000 barrels per day to 3.045 mln bpd, slightly above the set maximum of 3.019 mln bpd. Iraq lowered production by 46,000 bpd in January to 4.424 mln bpd.

Tags