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OIL: OPEC Oil Output Fell by 50k b/d in January: Reuters Survey

OIL
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OPEC 12 output fell for a second month in January by 50kb/d m/m to 26.53m b/d, according to a Reuters survey.

  • Among the nine OPEC members with output quotas, output fell by 61k b/d to 21.236m b/d.
  • A drop in exports from Nigeria and Iran offset a rebound in output from the UAE following December field maintenance.
  • Nigerian production fell 60kb/d, reflecting lower exports and despite rising domestic demand with the ramp up of the Dangote refinery.
  • Iranian output also fell 60kb/d amid risks of tighter US sanctions.
  • OPEC+ agreed in December to push back the start of output rises until April and extend the full unwinding of cuts until the end of 2026 due to weak demand and booming production.
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OPEC 12 output fell for a second month in January by 50kb/d m/m to 26.53m b/d, according to a Reuters survey.

  • Among the nine OPEC members with output quotas, output fell by 61k b/d to 21.236m b/d.
  • A drop in exports from Nigeria and Iran offset a rebound in output from the UAE following December field maintenance.
  • Nigerian production fell 60kb/d, reflecting lower exports and despite rising domestic demand with the ramp up of the Dangote refinery.
  • Iranian output also fell 60kb/d amid risks of tighter US sanctions.
  • OPEC+ agreed in December to push back the start of output rises until April and extend the full unwinding of cuts until the end of 2026 due to weak demand and booming production.