The Organization of the Petroleum Exporting Countries (OPEC)’s oil production increased in January 2018, following an eight-month low, due to higher output from Saudi Arabia and Nigeria, which offset a decrease in Venezuela’s output and the supply cut pact, a Reuters survey stated.
In January, OPEC pumped 32.4 million barrels per day (mb/d) in January, increasing by 100,000 b/d from December.
OPEC output rose despite the increase in the number producers adhering to the supply curb deal, which rose from 137% in December 2017, to reach 138% in January.
The deal between OPEC and non-OPC producers to curb oil output in 2018 at current levels will be hard to maintain, according to Fahad Al-Turki, Chief Economist at Riyadh-based bank Jadwa Investment, Arab News reported.
“I doubt that the oil production cuts agreement will hold throughout 2018, partly because targets have already been met and because there will be some countries that will want to recoup their investment and increase production,” Al-Turki stated at a Middle East and North Africa energy conference at Chatham House, London.