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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
OPEC-10 oil production declined on the month in January to 21.57mbpd, but the group pumped above its pledged quota for 1Q 2024 of 21.23mbpd according to a survey from S&P Commodity Insights.
- Iraq’s crude oil output last month stood at 4.27mbpd, down by 80kbpd on the month, but around 270kbpd above the pledged January quota.
- The UAE pumped 2.95mbpd of oil last month, slightly above its quota of 2.91mbpd.
- Saudi Arabia produced in line with its baseline of 8.98mbpd at 8.97mbpd in January.
- Nigeria, Equatorial Guinea, and Congo fell slightly short of their quota.
- Production from non-OPEC countries with quotas stood at 13.03mbpd last month, compared with the quota of 13.095mbpd, due to lower output from Russia, Sudan, Azerbaijan and Bahrain.
- Total OPEC+ production last month fell by 340kbpd on the month to 41.24mbpd.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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