LONDON: OPEC oil output fell in January, a Reuters survey found on Tuesday, as Iraqi exports declined and Nigerian output did not recover further, while Gulf members maintained strong compliance with an OPEC+ production cut deal to support the market.
The Organization of the Petroleum Exporting Countries pumped 28.87 million barrels per day (bpd), the survey found, down 50,000 bpd from December.
In September, OPEC output hit its highest since 2020.
OPEC+ producers boosted output for most of 2022 as demand recovered. For November, with oil prices weakening, the group made its largest cut to production targets since the early days of the COVID-19 pandemic in 2020.
OPEC+ seen sticking with oil output policy at Feb. 1 meeting
Its decision from November called for a 2 million bpd cut to the OPEC+ output target, of which about 1.27 million bpd was meant to come from the 10 participating OPEC countries. The same target currently applies.
The Reuters survey aims to track supply to the market. It is based on shipping data provided by external sources, Refinitiv Eikon flows data, information from companies tracking flows such as Petro-Logistics and Kpler, and information provided by sources at oil companies, OPEC and consultants.
Comments
Comments are closed.