Opec-Plus: 2023 Starts With Small Output Gain

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Austria OPEC Meeting
Ronald Zak/AP

Crude oil production by the entire Opec-plus alliance, including the four members not taking part in the output reduction deal, amounted to 44.15 million barrels per day in January, up a paltry 80,000 b/d on the month. Production by the alliance’s 19 members with a monthly quota rose 200,000 b/d to reach 38.22 million b/d, according to Energy Intelligence’s assessment. Large increases by Kuwait, Nigeria and Angola offset declines seen in Iraq and Saudi Arabia. In fact, output by Opec rose by 260,000 b/d, while production by the nine non-Opec countries taking part in the deal sunk by 60,000 b/d.

Opec-Plus Supply , Crude Oil, Oil Supply
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