In January, the Organization of the Petroleum Exporting Countries saw a decline in oil production for the second consecutive month due to a decline in shipments from Iran and Nigeria.
The development repelled a rebound in the United Arab Emirates, where field maintenance had restricted output in December, Reuters reported on Wednesday.
According to the data, oil-exporting nations produced 26.53 million barrels per day last month, which is 50,000 barrels per day less than what was produced in December 2024.
Nigeria and Iran experienced the biggest declines, according to the updated total analyzed from a poll.
Due to increased supply outside the group and concerns about global demand, the OPEC group as a whole is maintaining production restrictions through the end of March, which coincided with the little drop in output.
On Monday, OPEC affirmed its intention to begin increasing output in April.
According to the poll, Nigerian production fell by 60,000 barrels per day, indicating a decline in exports, despite rising local consumption as the Dangote refinery ramps up.
Thus, from 1.484 million barrels in December, the government produced 1.42 million barrels.
According to our correspondent, Nigeria is working to increase production to roughly two Mbps but is still having difficulty meeting its OPEC quota of 1.5 Mbps.
Despite U.S. sanctions, Iran’s output, which reached its highest level since 2018, decreased by 60,000 barrels per day, according to the study. The U.S. administration may soon impose stricter sanctions to curb it.
According to the report, the UAE was responsible for the largest increase in OPEC, which was 90,000 bpd.
According to a source, field maintenance began in December and continued in January.
Other estimates, like those from the International Energy Agency, show that the UAE and Iraq are producing much more than the survey suggests, even if December data from OPEC’s secondary sources places them just above their targets.
Following the conclusion of a disagreement over control of the central bank that had resulted in production restrictions, Libya’s output increased by 40,000 barrels per day, maintaining the recovery.
The nation is not bound by OPEC’s output-limitation agreements.
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