The Organisation of Petroleum Exporting Countries (OPEC) oil output fell in January for a second month, a Reuters survey found, as a drop in exports from Nigeria and Iran offset a rebound from the United Arab Emirates where field maintenance had curbed output in December.
OPEC pumped 26.53 million barrels per day last month, down 50,000 bpd from December’s revised total, with Nigeria and Iran posting the largest drops, the report said.
The modest decline in output came as the wider OPEC+ group is keeping production cuts in place until the end of March due to global demand concerns and rising output outside the group. OPEC+ last Monday decided to stick with its plan to start raising output in April.
Nigerian production slipped by 60,000 bpd, the survey found, reflecting lower exports, although domestic usage is increasing as the Dangote refinery ramps up.
Iran’s output, which hit the highest since 2018 last year despite US sanctions, also fell by 60,000 bpd. It may soon be curbed by tighter sanctions from the administration of the US President Donald Trump, Goldman Sachs and other analysts have forecast.
Output in OPEC’s top two producers, Saudi Arabia and Iraq, edged lower. OPEC’s biggest rise of 90,000 bpd, came from the UAE. A source said partial field maintenance continued in January, having started in December.
While the survey indicated the UAE and Iraq are pumping below their targets and December data provided by OPEC’s secondary sources puts them not far above, other estimates such as those of the International Energy Agency (IEA) suggest they are pumping significantly more.
Libya’s output rose by 40,000 bpd, continuing a recovery after the resolution of a dispute over control of the central bank that had led to production cuts. The country is exempt from OPEC+ agreements to limit output.
