Opec-Plus: 2023 Starts With Small Production Increase

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  • Crude oil production by the 23-member alliance ticked up 60,000 b/d in the first month of 2023 to 44.13 million b/d.

  • Output by the 19 member with a monthly quota rose by 180,000 million b/d to 38.2 million b/d, led by gains in Kuwait and Nigeria.

  • The alliance’s production shortfall narrowed slightly over the month but remains enormous at 1.9 million b/d.

Opec-plus enters 2023 with a host of challenges — some new, some old — but foremost on the minds of its leaders will be the fate of Russian production, the dynamics of Chinese demand and sea-shift in global flows now that Russia’s barrels, both crude and products, are banned by major markets.

Opec-Plus Supply , Crude Oil, Oil Supply
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