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OPEC's oil output fell in January due to lower supply from Nigeria and Libya, offsetting increases from members like Venezuela. The organization pumped 28.34 million barrels per day, down 60,000 bpd from December. OPEC+ agreed to maintain voluntary output cuts through March 2026, with plans to reassess in the second quarter of 2026.
Some key points:
- *Production Cuts*: OPEC+ members, including Saudi Arabia and Russia, will keep output unchanged for March.
- *Compensation Plans*: Countries like Iraq, UAE, Kazakhstan, and Oman have submitted plans to offset overproduction.
- *Global Demand*: Russia expects oil demand to pick up in March and April, supporting market balance.
Some key points:
- *Production Cuts*: OPEC+ members, including Saudi Arabia and Russia, will keep output unchanged for March.
- *Compensation Plans*: Countries like Iraq, UAE, Kazakhstan, and Oman have submitted plans to offset overproduction.
- *Global Demand*: Russia expects oil demand to pick up in March and April, supporting market balance.