Monday, January 30, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home OPEC

Official OPEC stats for January are out, results are worse than expected

9 months ago
in OPEC
Official OPEC stats for January are out, results are worse than expected
Share on FacebookShare on Twitter


Petroleum, petrodollar and crude oil concept : Pump jack and flag of OPEC or Organization of Oil Exporting Countries

William_Potter/iStock via Getty Images

OPEC+ has been setting a high bar for itself, boosting production quotas by 400kb/d each month since mid-2021. And while the group has consistently missed budgets, preliminary surveys of January production indicated the cartel had begun to turn things around. With official production statistics published Thursday, it appears the group has in fact not turned things around.

The “OPEC 10,” countries within OPEC but excluding Venezuela, Libya and Iran, were budgeted to increase production by 254kb/d in January. The remainder of the 400kb/d quota is being allocated to Russia and others. Survey results near month-end indicated the OPEC 10 had increased production 210kb/d. Official results released today indicate the increase was only 135kb/d. The core 10 now sit a full 748kb/d below self-imposed quota levels.

Serial underperformer Angola saw production decrease, with January volumes coming in more than 250kb/d below quota. Nigeria saw a boost in January volumes, up 60kb/d, leading the country to underproduce by only 285kb/d. Perhaps most interestingly, Saudi fell 123kb/d below budget in January.

Outside of the core, Libyan and Venezuelan volumes fell while Iranian volumes increased. In total, the three countries saw volumes fall 33kb/d month on month. Russian volumes for January increased 85kb/d, compared to the country’s budgeted 100kb/d increase.

(NYSEARCA:USO) (NYSEARCA:XLE) (NYSE:XOM) (NYSE:SHEL) (NYSE:CVX) (NYSE:BP)

It may be consensus that OPEC+ will underperform quota in 2022; however, the degree to which the group is underperforming will be tracked carefully. With inventories in rapid decline, prices spiking, and threat of war in Ukraine, it’s difficult to see balances improving. Particularly difficult if countries like Saudi are unable or unwilling to increase production rapidly from here.



news.google.com

Latest Oil News

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
Top 20 Oil Exporting Countries in 2023

Top 20 Oil Exporting Countries in 2023

January 28, 2023
OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

January 27, 2023
Biden vowed to punish Saudis over OPEC cut. That’s no longer the plan

Biden vowed to punish Saudis over OPEC cut. That’s no longer the plan

January 26, 2023
Tags: expectedJanuaryofficialOPECResultsstatsworse
Previous Post

Petrobras CEO Ousting Triggers $13B Stock Loss

Next Post

Nordic American Tankers announces 2020 Results

Related Posts

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

by Oil Market News
January 29, 2023
0

There will be no shortage of potential market moving events this week!  After the Bank of Canada hiked rates by...

Top 20 Oil Exporting Countries in 2023

Top 20 Oil Exporting Countries in 2023

by Oil Market News
January 28, 2023
0

In this article, we take a look at the top 20 oil exporting countries in 2023. If you want to...

OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

by Oil Market News
January 27, 2023
0

OPEC to Stay the Course on Oil Production Agreement; China's Reopening Bullish for Commodities, RBC Capital Markets Says Marketscreener.comOil Gains...

Biden vowed to punish Saudis over OPEC cut. That’s no longer the plan

Biden vowed to punish Saudis over OPEC cut. That’s no longer the plan

by Oil Market News
January 26, 2023
0

Comment on this storyCommentMonths after the White House vowed to punish Saudi Arabia for cutting oil output in defiance of...

Oil Steadies as Traders Look to China, OPEC for Fresh Triggers

Oil Steadies as Traders Look to China, OPEC for Fresh Triggers

by Oil Market News
January 25, 2023
0

Oil edged higher in a volatile session as technical market indicators signaled to traders that higher prices may be around...

FG tasks 2023 OPEC’s President on attracting investments in oil

FG tasks 2023 OPEC’s President on attracting investments in oil

by Oil Market News
January 24, 2023
0

“It is estimated that about 640 million Africans have no access to electricity” The Federal Government on Tuesday, tasked Equatorial...

Next Post
Nordic American Tankers announces 2020 Results

Nordic American Tankers announces 2020 Results

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

Ukraine calls on U.S., European bankers to sever ties with companies that trade

Ukraine calls on U.S., European bankers to sever ties with companies that trade

7 months ago
nooresh merani: Two stock ideas for next week by Nooresh Merani

nooresh merani: Two stock ideas for next week by Nooresh Merani

5 months ago
Oil Tanker Rates Plunge More Than 50% As OPEC+ Cuts Start

Oil Tanker Rates Plunge More Than 50% As OPEC+ Cuts Start

9 months ago
Big Oil does little to act on climate despite vows -U.S. House panel By Reuters

Big Oil does little to act on climate despite vows -U.S. House panel By Reuters

2 months ago
Biden adviser calls Wall Street opposition to shale drilling ‘un-American’

Biden adviser calls Wall Street opposition to shale drilling ‘un-American’

2 months ago
ADVERTISEMENT
Oil And Gas In For Turbulent Year As Governments And Industry Butt Heads

Oil And Gas In For Turbulent Year As Governments And Industry Butt Heads

January 29, 2023

Oil And Gas In For Turbulent Year As Governments And Industry Butt Heads

January 29, 2023

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023

Market Highlights: FDA backtracks on cannabis oil, and 5 ASX small caps to watch

January 29, 2023

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023

Fuel prices to increase by 7%-13% from February 1, 2023 – IES

January 29, 2023

Crude Oil

Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023
Oil-Exporting Colombia Says No to Oil Exploration

Oil-Exporting Colombia Says No to Oil Exploration

January 28, 2023
German Crude Oil Imports Rose 11% in 2022 As Crude Import Bill Doubles

German Crude Oil Imports Rose 11% in 2022 As Crude Import Bill Doubles

January 27, 2023
Europe Is Diversifying Its Diesel Sources Ahead Of Ban On Russian Fuel

Europe Is Diversifying Its Diesel Sources Ahead Of Ban On Russian Fuel

January 26, 2023

Investing

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023
Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

January 28, 2023
U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

January 27, 2023
ESG Investing Fight Is Heating up in Kentucky and Could Cost Taxpayers

ESG Investing Fight Is Heating up in Kentucky and Could Cost Taxpayers

January 26, 2023

Market

Big Oil’s profits juggernaut on pace to slow but not stop

Big Oil’s profits juggernaut on pace to slow but not stop

January 29, 2023
Tullow Oil: the end of an era for exploration and production

Tullow Oil: the end of an era for exploration and production

January 28, 2023
Chevron profits slip as oil and gas prices fall

Chevron profits slip as oil and gas prices fall

January 27, 2023
Big Oil’s cash bonanza | Financial Times

Big Oil’s cash bonanza | Financial Times

January 26, 2023

OPEC

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
Top 20 Oil Exporting Countries in 2023

Top 20 Oil Exporting Countries in 2023

January 28, 2023
OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

January 27, 2023
Biden vowed to punish Saudis over OPEC cut. That’s no longer the plan

Biden vowed to punish Saudis over OPEC cut. That’s no longer the plan

January 26, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.