- January output falls 50K bpd from December to 28.87 million barrels per day
- Members complied with quota cuts at 172% vs 161% in December
- Members undershoot Jan output target by 920k bpd vs 780k bpd in December
Iraq had a fresh production decline in January, according to the survey.
Nigeria repeatedly pledges to get its production on track but there was no progress in January. However a good portion of the missing barrels are being stolen so those presumably still end up on the global market.