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OPEC January Oil Output Rose Above Target

OIL

OPEC pumped 26.33mbpd of crude oil this month, down by 410kbpd on the month, but 214kbpd above the group’s January target – including additional voluntary output cuts, according to a Reuters survey.

  • Iraqi output remained significantly above the country’s pledged target. Iraq pumped 140kbpd less on the month, but volumes stood 141kbpd above the pledged target.
  • Nigeria’s output also rose month on month by 40kbpd, with output rising for the equivalent amount above the country’s pledged baseline.
  • In January, the biggest decline came from Libya, one of the OPEC members not required to restrain output, after unrest prompted the shutdown of the Sharara oilfield.
Energy BulletsCommodities
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