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Jan OPEC Output Fell On Lower Saudi Production

OIL

OPEC’s oil output in January fell to 28.1mbpd, the lowest level since March, as Saudi Arabia cut production by 360kbpd, Kpler said.

  • Saudi Arabia’s output fell to the lowest level in one year to 10.1mbpd, down by 350kbpd on the month.
  • “We suspect that Saudi Arabia may be trying to manage the market” as global balances loosen and Russian exports prove resilient against sanctions, the firm said.
  • A Reuters survey on Wednesday estimated OPEC’s January oil output at 28.87mbpd.
Energy BulletsCommodities
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