OPEC cut output by 840,000 barrels a day last month, but has more work to do to fully comply with last year’s historic production deal.
The Organization of Petroleum Exporting Countries pumped 32.3 million barrels a day in January, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. The 10 members of the group that pledged to make cuts in Vienna two months ago implemented 83 percent of those reductions on average, but their efforts were offset by increases from Iran, Nigeria and Libya that were permitted under the terms of the agreement.
OPEC Crude Output Rises to Record as Nigeria, Libya Boost Supply
Two members exempt from Algiers deal add 190,000 barrels a day
Overall production increased by 170,000 barrels a day from the previous month to 33.75 million barrels a day, the survey of analysts, oil companies and ship-tracking data showed. Nigeria and Libya added a combined 190,000 barrels a day which compensated for a drop in output from Saudi Arabia and Angola.
The OPEC crude production climbed in January to the highest level in Bloomberg data going back 20 years as Indonesia’s membership was reactivated.
The Organization of Petroleum Exporting Countries boosted output by 48,000 barrels to 33.113mn barrels per day (bpd) in January 2016, according to a Bloomberg survey of oil companies, producers and analysts.