OPEC oil production fell in January due to lower supply from Nigeria and Libya, according to a Reuters survey, offsetting an increase from Venezuela following the capture of Nicolás Maduro by the United States and the end of the oil blockade.
The Organization of the Petroleum Exporting Countries (OPEC) pumped 28.34 million barrels per day in January, 60,000 bpd less than in December, according to the survey, with Nigeria posting the largest decline.
OPEC+, which comprises OPEC and its allies, including Russia, began a pause in its monthly production increases for the first quarter in January amid concerns over excess supply.
Many members are operating close to their capacity limits, and some are required to make additional cuts to compensate for previous overproduction, which has limited the impact of output increases.
Iranian crude supply fell further. Iran is subject to U.S. sanctions aimed at curbing its oil exports over its nuclear program, and additional measures were announced in January over Tehran’s crackdown on protesters.
Among the higher-producing countries, Iraq exported more crude from its southern terminals. Venezuelan crude production rose slightly and exports surged. Venezuela’s oil output has increased to around 1 million barrels per day.
