Opec+ caps January increase as cuts unwind

摘要

The Opec+ coalition undershot its crude production ceiling in January, implementing less than a third of its agreed increase for the month, owing partly to a steep decline in Nigerian output. The 19 countries participating in the supply restraint deal produced 34.55mn b/d last month, roughly 140,000 b/d higher than December but 350,000 b/d below its January target of 34.9mn b/d, according to Argus' survey. This left the group's overall compliance at a seven-month high of 105pc.