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OPEC oil production decreases with the decline in Iraqi exports

Baghdad / NINA /- OPEC oil production decreased last January with the decline in Iraqi exports and the failure of Nigerian production to recover, while the Gulf members maintained strong compliance with the OPEC + agreement on production cuts to support the market.

A Reuters survey found that the Organization of the Petroleum Exporting Countries (OPEC) pumped 28.87 million barrels per day, down 50,000 barrels per day from December. In September, OPEC production reached its highest level since 2020.

Production from OPEC and its Allies, including Russia, known collectively as OPEC+, increased for most of 2022 as demand recovered for the month of November. With weaker oil prices, the group made the biggest cut to production targets since the early days of the COVID-19 pandemic in 2020.

With production falling this month, the rate of compliance with the deal rose to 172% of the promised cuts, according to the survey, compared to 161% in Kanawola.

The survey found that the 10 OPEC members required to cut output were pumping 920,000 bpd below their target level in January. The shortage in December was 780,000 barrels per day.

Iraq, the second largest producer in the Organization of the Petroleum Exporting Countries (OPEC), exported fewer barrels this month from its southern fields, according to data from Eikon and two companies that track the flows.

The survey found that Nigerian production, which rebounded in December, stabilized at similar levels in January, leaving more work to do if the country is to meet its target of raising production to 1.6 million barrels per day this quarter.

The survey found that the Gulf producers in OPEC adhered relatively closely to their goals under the OPEC + agreement, and some sources in the survey believed that Saudi Arabia had reduced exports, and production in the United Arab Emirates increased by about ten thousand barrels per day.

Source: National Iraqi News Agency