All news
12 Feb, 14:58

OPEC+ countries’ oil output up 13,000 bpd in January — OPEC

Compensations by OPEC+ ‘debtors’ in January were expected at 120,000 bpd of oil from Iraq and 65,000 bpd from Kazakhstan, according to the latest released schedule

MOSCOW, February 12. /TASS/. Countries participating in the OPEC+ output reduction agreement posted a slight increase in oil production for January - by 13,000 barrels per day (bpd), though output was 251,000 bpd below the target considering voluntary cuts and compensations, OPEC said in its February report.

Without Libya, Iran and Venezuela, which are freed from output cuts, the volume of production by countries of the alliance stood at 35.176 mln barrels per day (mbd). Considering all voluntary cuts and compensation schedules planned for December, OPEC+ nations were to produce 35.427 mln barrels per day. Consequently, the alliance’s production was 251,000 bpd below the plan.

Compensations by OPEC+ ‘debtors’ in January were expected at 120,000 bpd of oil from Iraq and 65,000 bpd from Kazakhstan, according to the latest released schedule. Compensation schedules were to be updated, though new data has not been published yet.

Iraq slashed production by 5,000 bpd in January to 3.999 mbd, though its output was 119,000 bpd higher than the OPEC+ target, while Kazakhstan boosted output by 73,000 bpd to 1.538 mbd as it produced 135,000 bpd higher than the target.