The biggest cuts by far came from top OPEC producer Saudi Arabia. The kingdom pumped about 10.2 million bpd in January, down 350,000 bpd from December and nearly 100,000 bpd below its official quota under the output cutting deal. The kingdom will continue to cut production, reducing output to about 9.8 million bpd in March, Saudi Energy Minister Khalid al-Falih told the Financial Times in an article published on Tuesday.
Altogether, most of the participating OPEC countries exceeded their quota during the first month of the deal, though some just barely pumped above target.
The biggest miss came from Iraq, which regularly surpassed its limit during OPEC’s last production cutting deal that ran from January 2017 through June 2018. OPEC’s No. 2 producer pumped nearly 4.7 million bpd last month, 157,000 bpd above its quota.
Nigeria, which was exempt from the last round of output curbs, overshot its cap by 107,000 in January. Figures provided directly from the country showed Nigeria pumped in line with its quota.
Iran’s production ticked slightly lower as the nation weathered its third month under U.S. energy sanctions. Libya’s output fell by 52,000 bpd as the country’s largest oilfield remained sidelined by a dispute with workers and armed protesters.
Venezuela’s production slipped by another 59,000 bpd in January, continuing its steady decline as the country remains gripped by political turmoil and economic crisis. The nation’s output is expected to fall even further after the Trump administration slapped sanctions on PDVSA, the state-owned oil company.