AETUF - Official OPEC stats for January are out results are worse than expected

OPEC+ has been setting a high bar for itself, boosting production quotas by 400kb/d each month since mid 2021. And while the group has consistently missed budgets, preliminary surveys of January production indicated the cartel had begun to turn things around. With official production statistics published Thursday, it appears the group has in fact not turned things around.  The "OPEC 10," countries within OPEC but excluding Venezuela, Libya and Iran, were budgeted to increase production by 254kb/d in January. The remainder of the 400kb/d quota being allocated to Russia and others. Survey results near month end indicated the OPEC 10 had increased production 210kb/d. Official results released today indicate the increase was only 135kb/d. The core 10 now sit a full 748kb/d below self-imposed quota levels.  Serial underperformer Angola saw production decrease, with January volumes coming in more than 250kb/d below quota. Nigeria saw a boost in January volumes, up 60kb/d,

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Official OPEC stats for January are out, results are worse than expected