OPEC cut output slightly in January

The latest monthly oil market report from the Organization of the Petroleum Exporting Countries (OPEC) shows that the crude oil production of all OPEC members in January fell by 49,000 barrels per day compared with December 2022, with an average daily output of 28.88 million barrels.

Among them, Saudi Arabia, the largest oil producer, cut production by 156,000 barrels per day to 10.319 million barrels per day, more than 100,000 barrels per day lower than the 10.478 million barrels per day quota stipulated in the OPEC+ agreement.

OPEC said that among the oil-producing countries of the organization, Nigeria and Angola had the largest increase in production, with 65,000 barrels per day and 47,000 barrels per day respectively. But these producers are still producing well below their quotas.