- January oil output rises 210,000 barrels per day MoM to 28.01M BPD
- oil output rise led by Saudi Arabia
- output falls in Libya and Iraq
- OPEC states compliance with OPEC+ out put cut pledges rises to 132% in January from 127% in December
The output has once again undershot the rise planned as producers struggle to pump even more despite the fact that prices are trading at a seven year high. The expected output increase of 210,000 fell short of the 254,000 BPD increase allowed under the supply deal from OPEC+ nations.
OPEC+ meet on Wednesday and is expected to stick to previously agreed plans despite the rise to seven year highs and oil. They are expected to proceed with another 400,000 BPD output increase, although given the price surge of late, there may be some consideration toward increasing output further. The problem is could they do it?
The OPEC+ agreement allowed for 400,000 BPD increases in January from all its members. The 254,000 BPD is for the 10 OPEC members.
The summary of the output changes for the OPEC 10 member countries for the month shows:
