OPEC oil output sees biggest monthly fall in January: Trend watch
OPEC oil output in January registered the biggest monthly drop since July, as several members implemented new voluntary production cuts
The Organization of the Petroleum Exporting Countries (OPEC) oil output in January registered the biggest monthly drop since July, a Reuters survey found, as several members implemented new voluntary production cuts agreed with the wider OPEC+ alliance and unrest curbed Libyan output.
The OPEC pumped 26.33 million barrels per day (bpd) this month, down 410,000 bpd from December, the survey found. December’s total strips out Angola, which has left OPEC.
The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, LSEG flows data, information from companies that track flows – such as Petro-Logistics and Kpler – and information provided by sources at oil companies, OPEC and consultants.
OPEC oil production mapped
OPEC and allies, together known as OPEC+, announced a new round of voluntary cuts on November 30 to be made in the first quarter of 2024.
As part of this, Saudi Arabia extended its own 1 million bpd cut – first made in July 2023 – until the end of the first quarter.
The following table shows crude output by OPEC in millions of barrels per day (bpd) in January and December, according to a Reuters survey published on Wednesday.
The figures in the first and second columns of the table are in millions of barrels per day. Totals are rounded.
December output was not revised apart from removal of Angola.
| January | December | Change vs. | Q1 output | Under/over | |
| output | output | December | target* | target | |
| Algeria | 0.910 | 0.950 | -40,000 | 908000 | 2,000 |
| Congo | 0.270 | 0.270 | 0 | 277,000 | -7,000 |
| Eq. Guinea | 0.050 | 0.050 | 0 | 70,000 | -20,000 |
| Gabon | 0.210 | 0.210 | 0 | 169,000 | 41,000 |
| Iraq | 4.150 | 4.290 | -140,000 | 4,009,000 | 141,000 |
| Kuwait | 2.410 | 2.550 | -140,000 | 2,413,000 | -3,000 |
| Nigeria | 1.540 | 1.500 | 40,000 | 1,500,000 | 40,000 |
| Saudi Arabia | 8.990 | 8.950 | 40,000 | 8,978,000 | 12,000 |
| UAE | 2.920 | 2.890 | 30,000 | 2,912,000 | 8,000 |
| TOTAL OPEC 9 | 21.450 | 21.660 | -210,000 | 21,236,000 | 214,000 |
| Iran | 3.100 | 3.150 | -50,000 | ||
| Libya | 1.000 | 1.160 | -160,000 | ||
| Venezuela | 0.780 | 0.770 | 10,000 | ||
| TOTAL OPEC 12 | 26.330 | 26.740 | –410,000 |
* Output target as annnounced by the countries making voluntary cuts or by OPEC
Iran, Libya and Venezuela are exempt from OPEC output agreements.
The Reuters survey aims to assess crude supply to market, defined to exclude movements to, but not sales from, storage. Saudi and Kuwaiti data includes the Neutral Zone.
Venezuelan data includes upgraded synthetic oil. Nigerian crude output includes the Agbami and Egina streams and excludes Akpo condensate.
Read: UAE petrol prices for February 2024: Here’s how much a full tank will cost
