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OPEC Jan Output fell By 60kbpd On Saudi Arabia, Libya

OIL

OPEC’s crude oil output fell by 60kbpd to 29.12mbpd last month because of reduced supplies from Saudi Arabia and Libya according to a Bloomberg survey.

  • Saudi Arabia’s output is estimated to have fallen 100kbpd to 10.3mbpd according to the survey. Tanker-tracking data indicated an even steeper decline in exports.
  • In comparison, the latest Reuters survey indicated OPEC’s crude output fell by 50kbpd to 28.87mbpd in January.
  • OPEC advisory committee JMMC recommended to keep the group’s production steady during its last meeting on 1 Feb. The current agreement will stay in place until the end of 2023.

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