The Organization of the Petroleum Exporting Countries and its allies continue to underperform their increasingly lofty oil production targets.
With a group falling record of 700,000 barrels per day short of its collective quotas in January, according to the latest S&P Global Platts survey.
Nigeria, plagued by operational and technical problems is one such example, posting the largest increase among OPEC+ members in January to hit a nine-month high.
Despite strong gains from the group’s core Gulf members and Russia, along with a resurgent Nigeria, disruptions in several OPEC+ countries, including Venezuela, Kazakhstan, Libya and Iraq, limited the bloc’s growth.
OPEC+ co-leaders Russia and Saudi Arabia both pumped 10.08 million BPD in January, also failing to hit their quotas of 10.122 million BPD.
Meanwhile, Saudi Arabia saw its crude exports rise modestly in January, while domestic refining runs appeared to pick up. The kingdom boosted output by 130,000 BPD, the survey found.
UAE, which has often chafed at the production restraints imposed by the OPEC+ agreement, slightly exceeded its quota in January, pumping 2.93 million BPD.
Iraq saw its output also hampered by bad weather and technical issues. Iraq pumped 4.26 million bpd, a fall of 50,000 BPD, the survey found.
– Punch