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OPEC+ oil production below target in January 2026 — report

The countries participating in the alliance produced 37,185 mln bpd not including Libya, Iran and Venezuela exempted from the deal implementation

© AP Photo/ Gerald Herbert

MOSCOW, February 11. /TASS/. The OPEC+ countries participating in the oil production lowering deal slashed their production by 265,000 barrels per day (bpd) in January 2026 and were producing by 644,000 bpd below the target, the Organization of Petroleum Exporting Countries (OPEC) said in its report.

The countries participating in the alliance produced 37,185 mln bpd not including Libya, Iran and Venezuela exempted from the deal implementation. OPEC+ countries were to produce 37.829 mln bpd with consideration of all voluntary cuts and compensation schedules for January of this year. Accordingly, the OPEC+ was producing oil by 644,000 bpd lower than the target.

Among the leading eight OPEC+ countries, production was below quota by 328,000 bpd in Russia, 17,000 bpd in Saudi Arabia, 12,000 bpd in the UAE, 3,000 bpd in Algeria, and 1,000 bpd in Kuwait. Performance above the target was in Kazakhstan by 260,000 bpd, in Iraq by 24,000 bpd, and in Oman by 6,000 bpd.

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