Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » OPEC Jan oil output rises for 7th month, Nigeria limits gain-survey

    OPEC Jan oil output rises for 7th month, Nigeria limits gain-survey

    January 30, 2021
    Share
    Facebook Twitter LinkedIn WhatsApp

    London — OPEC oil output has risen for a seventh month in January, a Reuters survey found, after the group and allies agreed to ease record supply curbs further, although an involuntary drop in Nigerian exports limited the increase.

    The 13-member Organization of the Petroleum Exporting Countries is pumping 25.75 million barrels per day (bpd) in January, the survey found, up 160,000 bpd from December and a further increase from a three-decade low reached in June.

    OPEC+, which groups OPEC and other producers led by Russia, agreed to pump more from Jan. 1 and returns to output restraint again from February amid fears of a slow demand recovery. The latest supply pact has helped oil to an 11-month high above $57 a barrel this year.

    “The increase is natural with the higher production ceiling from January,” an OPEC delegate said.

    In January, the biggest supply increases came from Saudi Arabia and Iraq, the group’s top two producers, reflecting their higher quotas. Iraq is still making almost all of its pledged OPEC+ cuts, having struggled to do so in the past.

    OPEC+ agreed to pump an extra 500,000 bpd in January, of which OPEC’s share is about 300,000 bpd, as world demand recovers to an extent from the coronavirus crisis.

    The group has delivered just over half that amount, the survey found. As a result, the OPEC producers bound by the deal made 103% of pledged cuts in January, up from 99% in December.

    OPEC daily basket oil price closes at $54.41 per barrel

    IRAN GAINS

    The third largest gain in OPEC output came from Iran, which is exempt from OPEC cuts and hoping to raise exports this year if U.S. sanctions are eased, the survey found.

    Its exports have been rising since the fourth quarter although they are still a fraction of the level in 2018, when former U.S. President Donald Trump tightened sanctions.

    Among the countries showing lower output, the biggest drop was in Nigeria after force majeure was declared on exports of Qua Iboe, one of Nigeria’s largest production streams. Operator Exxon said on Jan. 22 the force majeure was lifted.

    Libya, also exempt from making cuts, is pumping slightly less after a brief blockade of some ports by guards. A recovery there in 2020 had helped push OPEC output higher.

    The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, Refinitiv Eikon flows data, information from tanker trackers such as Petro-Logistics and Kpler, and information provided by sources at oil companies, OPEC and consultants.

    (Reporting by Alex Lawler; additional reporting by Ahmad Ghaddar; editing by Barbara Lewis and Emelia Sithole-Matarise)

    Follow us on twitter

    Related News

    Angola’s Block 17 partners sign license extension

    Tinubu pardons Ken Saro-Wiwa, confers national honours on Ogoni Nine

    NCDMB Executive Secretary becomes member of APPO Board

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    LASG approves seven dedicated truck parks for Lekki Port axis

    June 13, 2025

    NCDMB Executive Secretary joins AEW 2025 amid focus on enhancing local capacity

    June 13, 2025

    AfDB to provide $184.1m for Africa’s largest solar energy and battery storage project

    June 13, 2025

    NSC seeks closer collaboration with Police to boost port enforcement

    June 13, 2025

    Can the African Energy Bank transform the continent’s refining and downstream future?

    June 13, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.