2024-02-16 21:27:49
OPEC+ countries produced 34.87 million b/d of oil in January, while under the terms of the agreement – taking into account the new voluntary reductions that entered into last month, a number of alliance members – could extract 34.32 million b/d, analysts from the International Energy agency (IEA), Day.Az reports with reference to Interfax.
Thus, the excess of the plan based on the results of the past month amounted to 550 thousand b/d. Compared to December, the bloc countries reduced oil production by 220 thousand bpd.
The production of OPEC countries participating in the agreement amounted to 21.72 million bpd in January, which is 0.5 million bpd above the plan. Non-OPEC countries last month produced 50 thousand b/d above the permitted level – 14.79 million b/d (13.15 million b/d excluding Mexico).
According to the IEA, OPEC+ production in January was above the permitted level due to the fact that several countries did not meet their obligations under additional voluntary cuts that took effect in January. Thus, the UAE produced 300 thousand b/d above the required quota, 3.21 million b/d, Iraq – by 230 thousand b/d, 4.23 million b/d, Kazakhstan – by 150 thousand b/d, 1. 62 million b/d.
Iraq and Kazakhstan announced yesterday that they are ready to compensate for the overproduction of oil in January over the next four months.
In January, new voluntary OPEC+ cuts by 2.2 million bpd came into force, which a number of alliance countries announced following an online meeting at the end of November. Thus, Saudi Arabia continues to further reduce production by 1 million bpd in the first quarter of 2024. Iraq pledged to further reduce oil production by 223 thousand b/d, the UAE – by 163 thousand b/d, Kuwait – by 135 thousand b/d, Kazakhstan – by 82 thousand b/d, Algeria – by 51 thousand b/d and Oman – by 42 thousand b/s. Russia, in turn, increased the reduction in exports of oil and petroleum products by 500 thousand bpd.
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