MOSCOW, February 15. /TASS/. OPEC+ countries in January 2023 reduced oil production by 160,000 barrels per day (bpd), lagging behind the alliance's production plan of 1.93 million bpd, according to the February report of the International Energy Agency (IEA).
The volume of oil production by the members of the alliance decreased by 160,000 bpd compared to December, to 38.18 million bpd. In the meantime, the target level of production by OPEC+ countries for January amounted to 40.1 million bpd. That means that the lagging behind the plan was 1.93 million bpd.
According to the IEA, in January, Russia slightly reduced oil production (excluding gas condensate) - by 40,000 bpd to 9.77 mln bpd, producing 710,000 bpd below the plan. Saudi Arabia cut production by 50,000 bpd to 10.39 mln bpd, lagging behind the target set by the OPEC+ agreement by 90,000 bpd.
At a meeting on October 5, 2022, the countries participating in the OPEC+ deal agreed to reduce production by 2 million barrels per day from November, and also extended the deal until the end of 2023.
As the basis for calculating the reduction in oil production, they took quotas under the OPEC+ deal as of August 2022.
At a meeting on December 4, 2022, the countries of the alliance decided to keep the current plan for oil production. The OPEC+ Monitoring Committee at a meeting on February 1, 2023 also did not recommend changes in production quotas.
The next meeting of the OPEC+ Monitoring Committee will be held on April 3, 2023, the general meeting of the alliance is scheduled for June 4, 2023.