OPEC’s Planned Output Increase Tempered by Troubled Producers - Bloomberg
OPEC boosted crude production as planned last month, but the increase was tempered by disruptions at long-troubled member nations.
The Organization of Petroleum Exporting Countries raised output by 190,000 barrels a day in January, according to a Bloomberg survey. That fits with an agreement between the group and its allies to revive some of the supplies halted during the pandemic.
Yet the monthly change is barely two-thirds of the scheduled amount, as increases by OPEC’s Persian Gulf exporters were offset by disruptions in Nigeria and Libya.
Output from OPEC’s 13 members averaged 25.67 million barrels a day in January, according to the survey. It’s based on ship-tracking data, information from officials, and estimates from consultants including Rystad Energy AS, JBC Energy GmbH, Energy Aspects Ltd. and Petro-Logistics SA.
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