The Organization of the Petroleum Exporting Countries (OPEC) oil production in January totaled 29.94 million barrels per day.
This organisation had in December pumped 30.03 million barrels per day, according to a survey released by Platts.
During the period Nigeria’s production capacity firmed up, with additional 50,000 barrels per day (BOPD) to hit 1.98 million bopd.
According to the survey, combined output from the 12-member group fell 90,000 barrels daily month over month, dipping below 30 million barrels a day in January.
OPEC last pumped less than its 30 million barrels a day output ceiling in June last year.
“The slight drop in total OPEC volumes in January is due entirely to Iraq and Libya,” said Margaret McQuaile, Platts senior correspondent.
“However, Baghdad has scheduled record exports for February, so even if actual liftings don’t quite match up, and barring any unforeseen disruption, we’re still likely to see more out of Iraq.
Given the political upheaval, production seems unlikely to stage any meaningful recovery any time soon.”
Iraqi output, estimated at 3.1 million barrels a day in January, had risen to 3.4 million barrels per day in December when northern exports resumed through Turkey under an agreement with semi-autonomous Kurdistan.
The drop in January was concentrated in the south, where crude quality issues kept some lifters away from the offshore single buoy moorings.
Loadings from the SPMs resumed early this month, however, and Iraq’s SOMO has scheduled a record 3.3 million barrels per day of crude oil to be exported from its southern terminals in the Persian Gulf in February.
Libyan production slid by 130,000 barrels per day to 330,000 barrels per day in January as the impact of the closure of the major ports of Es Sider and Ras Lanuf in mid-December had a knock-on effect on field operations.
Most of Libya’s main producing fields are closed, but oil is still flowing from its offshore projects and other fields throughout the country.
Increased exports boosted Angolan supply by 120,000 barrels per day to 1.75 million barrels a day, while Nigerian output rose by 50,000 barrels per day to 1.98 million barrels per day, the survey found.
Top producer Saudi Arabia, which drove OPEC’s November 27 decision to maintain the group’s official production ceiling at 30 million barrels a day despite falling oil prices, boosted output by 100,000 barrels a day to 9.7 million barrels per day, the survey found.
By Yemisi Izuora