Opec production in January fell 120,000 b/d to 29.02mn b/d, reversing most of the previous month’s 150,000 b/d increase. The decline was driven by Iraq, where output dropped by 150,000 b/d as stormy weather affected loadings from its offshore export terminals.
Outside of Iraq, Opec output stayed broadly flat in January. The big three GCC producers Saudi Arabia, the UAE and Kuwait, kept production generally in line with their Opec+ allocations, while struggling Angola and Nigeria were unable to push output up towards their own allocations. Overall, output from the ten Opec members subject to production restrictions was 870,000 b/d below their 25.42mn b/d ceiling. (CONTINUED - 952 WORDS)
