London — OPEC’s oil output fell in January due to lower supply from Nigeria and Libya, a Reuters survey found on Monday, which offset increases in members including Venezuela after the U.S. capture of Nicolas Maduro and the ending of an oil blockade.
The Organization of the Petroleum Exporting Countries pumped 28.34 million barrels per day in January, down 60,000 bpd from December’s total, the survey showed, with Nigeria posting the largest decline.
OPEC+, comprising OPEC and allies including Russia, in January began a first-quarter pause of its monthly output increases amid concerns of a supply glut.
Many members are running limits and some are tasked with extra cuts to compensate for earlier overproduction, which has limited the impact of the increases.
Under an agreement by eight OPEC+ members covering January output, the five of them that are OPEC members – Algeria, Iraq, Kuwait, Saudi Arabia and the UAE – were to keep output unchanged before the effect of compensation cuts totaling 130,000 bpd for Iraq and the UAE.
The survey shows that they increased output by 60,000 bpd month on month, but total output remained below their targets.
Nigeria had OPEC’s largest output decline, and Libyan supply also fell as bad weather impacted loadings, the survey found.
Iranian crude supply fell further. Iran is subject to U.S. sanctions that seek to curb its oil exports over its nuclear work, and new measures were announced in January over Tehran’s crackdown on protesters.
Among countries with higher output, Iraq exported more from its southern terminals. Venezuelan crude output increased slightly and exports jumped.
Venezuelan production has risen close to 1 million bpd, Reuters reported on Monday, having earlier reported that Venezuelan exports of crude and refined products rose to some 800,000 bpd in January.
The Reuters survey is based on flow data from financial group LSEG, information from other companies that track flows, such as Kpler, and information provided by sources at oil companies, OPEC and consultants.
Weaker oil prices saw the energy majors’ profits drop 11% to the lowest level in five years.
*Alex Lawler, Ahmad Ghaddar editing: Bernadette Baum – Reuters
