OPEC oil output in January registered the biggest monthly drop since July, a Reuters survey found, as several members implemented new voluntary production cuts agreed with the wider OPEC+ alliance and unrest curbed Libyan output. Some OPEC members pledged voluntary cuts in two rounds – in April 2023 and November 2023, and Saudi Arabia made an additional voluntary cut. Algeria cut output by 40,000 bpd, implementing most of its voluntary reductions. The top exporter extended a voluntary 1 million bpd cut into the first quarter as part of November’s OPEC+ deal. Nigeria raised output by 40,000 bpd, the survey found, as some crude was processed in the new Dangote refinery and exports held largely steady, the survey found.

Source: Libya Today February 01, 2024 05:54 UTC