Organization of the Petroleum Exporting Countries (OPEC) and its allies have increased oil production output by 210,000 BPD for the month of January. As a member of the organization, Nigeria’s crude oil production is also affected by this output and has increased by 50,000BPD in a month, moving from 1.41 million BPD average in December 2021 to 1.46 million BPD in January 2022, from a monthly output target of 1,683,000 BPD. According to a survey carried out by Reuters, OPEC+, are unwinding record output curbs made in 2020 but are still withholding millions of barrels. In January, the cuts required of OPEC stood at 2.129 million BPD, according to Reuters calculations and OPEC figures.
Compared with the levels from which they agreed to cut, which in most cases was their output in October 2018, the 10 OPEC members bound by the deal reduced output by 2.803 million BPD in January, the survey found.
Since the actual cut made was 2.803 million BPD rather than the 2.129 million BPD pledged, OPEC's compliance stood at 132% in January versus 127% in December.
December's output was not revised.
Totals are rounded and may not add up.
Compliance is calculated by the following method in the table above.
A baseline for cut minus January output = cut achieved.
Cut achieved divided by pledged cut = percentage compliance.
Iran, Libya and Venezuela are exempt from making voluntary output cuts.
The Reuters survey aims to assess crude supply to the market, defined to exclude movements to, but not sales from, storage. Saudi and Kuwaiti data includes the Neutral Zone.
Venezuelan data includes upgraded synthetic oil. Nigerian crude output includes the Agbami and Egina streams and excludes Akpo condensate.
Reuters
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