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OPEC Cuts Output 490k in Jan but Still Above Target: Bloomberg Survey

OIL

OPEC oil production fell by 490kbpd in January to 26.5mbpd, according to a Bloomberg survey but remains above target as the group’s cuts aim to prevent a global surplus and shore up prices.

  • Overall output remains several hundred thousand barrels a day above target with Iraq and the UAE producing more than their quotas.
  • About half the reduction came from Iraq and Kuwait but a quarter however resulted from disruptions in Libya and therefore not part of the planned cuts.
  • Kuwait cut by 110kbpd and Algeria by 50kbpd as required while Iraq cut 130kbpd to 4.2mbpd but was still about 200kppd above its pledged quota.
  • Libya’s production fell by 120kbpd to around 1mbpd due to the Sharara field halt during the month.
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