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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

by Reuters

February 1, 2024

Image credit: Getty Images

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.

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