OPEC output falls for 2nd straight month in January: Poll

Logo of OPEC

OPEC output tumbled for a second straight month in January, with the decline pace of Nigerian and Iranian supplies outstripping that of the UAE rebound, a Reuters poll showed.

The survey indicated that the group’s total oil output fell by 50,000 barrels per day (bpd) to 26.53 million bpd in January.

Nigeria’s output dropping by 60,000 bpd in January, besides trimming its crude exports, although domestic consumption picked up as refining activity at the Dangote petroleum refinery soared.

Iran’s output plunged by the same amount as last month, despite rising for the entire 2024 to its highest level since 2018.

Among the top two producers in the alliance, Saudi Arabia and Iraq’s oil inventories weakened last month, per the survey.

Meanwhile, UAE logged the highest output increase of 90,000 bpd in January. This was despite the partial maintenance field work that kicked off in December 2024, according to an informed source.

The poll, however, indicated that the UAE oil production remains below target, as does Iraq.

In Libya, production rose by 40,000 bpd in January, continuing its recovery after last year’s political dispute over the appointment of a central bank governor came to an end.