OPEC crude oil production dropped by 340,000 b/d in January, short of the 700,000 b/d cuts pledged for Q1 2024.

A recent survey by SP Global Commodity Insights has revealed that OPEC's crude oil production experienced its steepest drop in six months. While this decline fell short of the planned 700,000 barrels per day (b/d) in cuts for the first quarter of 2024, OPEC's output reduced by 340,000 b/d in January. Attributed partly to voluntary cuts implemented by some OPEC members and disruptions in Libya's largest oil field due to protests, several members failed to meet their agreed-upon targets. These included Iraq, Kazakhstan, the UAE, and Kuwait.

February 09, 2024
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