The Organization of the Petroleum Exporting Countries (OPEC) saw a decrease in oil output for the second consecutive month in January, according to a recent Reuters survey. A decline in exports from Nigeria and Iran outweighed a recovery in the United Arab Emirates (UAE), where field maintenance had previously reduced output in December.
The survey revealed that OPEC produced 26.53 million barrels per day in January, a drop of 50,000 barrels per day from December’s revised total. Nigeria and Iran reported the most significant decreases in production.
In Nigeria, production fell by 60,000 barrels per day, largely due to reduced exports. However, domestic usage is on the rise as the Dangote refinery increases its operations.
Iran’s output, which reached its highest level since 2018 last year despite U.S. sanctions, also decreased by 60,000 barrels per day. Analysts from Goldman Sachs and others predict that Iran’s output may soon face further limitations due to intensified sanctions from the administration of U.S. President Donald Trump.
The survey also noted slight reductions in output from OPEC’s top two producers, Saudi Arabia and Iraq.
Conversely, the UAE experienced the most substantial increase in output among OPEC members, with a rise of 90,000 barrels per day. A source indicated that partial field maintenance, which began in December, continued into J