Opec+ limits January output hike

摘要

The Opec+ coalition raised crude output by just a third of what it had agreed to implement in January, thanks partly to production problems in Nigeria. Countries committed to cuts under the Opec+ agreement boosted supply by around 150,000 b/d to 34.55mn b/d last month (see table). But the rise could have been greater, as the group’s collective quota was expanded by 482,000 b/d in January. Combined compliance levels under the increased January quota rose to a seven-month high of 105pc. Adherence by the 10 Opec members subject to cuts reached 110pc — the highest since June. Some of the shortfall in reaching the new quota is down to Nigeria. Its production fell by 100,000 b/d last month to a record low, according to Argus data, while its quota rose by more than 20,000 b/d. A gas explosion on 13 December halted exports from the country’s Qua Iboe terminal until 9 January.