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OPEC cut oil production in January, pumped just above oil target



The biggest cuts so far have come from a top maker of OPEC Saudi Arabia. The Kingdom pumped around 10.2 million barrels a day in January, down from 350,000 bpd since December and almost 100,000 bpd under the official quota of the cut-off. The Kingdom will continue to cut its production by cutting production to about 9.8 million barrels in March, Saudi Arabian Energy Minister Khalid al-Falih said in a statement released Tuesday. Kuwait, although the UAE has recently risen slightly over its quota.

In total, half of the OPEC participating countries have exceeded their quota in the first month of the deal, though some have barely pumped the target.

Iraq, which regularly exceeded its limit at the last OPEC production cutout deal from January 201

7 to June 2018. OPEC's second-largest producer pumped nearly 4.7 million barrels last month, 157,000 b.p. the last round of curbs that exceeded its top of 107,000 in January. Data provided directly by the country showed that Nigeria is pumped according to its quota.

OPEC's efforts to stifle supply have fueled a downturn in production in Iran and Libya that was released during this deal. Iran's production declined slightly when the nation sustained its third month under US energy sanctions. Meanwhile, Libya's production has fallen by 52,000 bp, as the largest oil field in the country has remained aside from a dispute with workers and armed protesters


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