OPEC countries increase oil production in January

In January 2021, OPEC countries increased oil production by 181,000 barrels per day (bpd), bringing it to 25.5 million barrels per day. The increase was mainly due to Saudi Arabia, Venezuela, and Iran.

Report informs, citing the February report of the Organization of the Petroleum Exporting Countries (OPEC), that the terms of the deal were fulfilled by 108% in January.

Ten out of 13 OPEC members participate in the OPEC + agreement to cut oil production, as Iran, Libya, and Venezuela are exempt from restrictions. In January, the parties' output amounted to only 21.76 million bpd – lower than the amount mentioned in the agreement (22.1 million bpd). In total, in January, the ten countries cut output by 4.9 million bpd instead of the 4.56 million bpd mentioned in the agreement.

So, in January, Saudi Arabia increased oil production by 89,000 bpd to 9.05 million bpd, Venezuela - by 72,000 bpd up to 487,000 bpd, Iran - by 62,000 bpd up to 2.08 million bpd. Libya, Iraq, Nigeria, and other countries cut output in January.