OPEC+ oil production declined sharply last month amid losses in Kazakhstan, Venezuela and Iran, the group said.
The 22 nations of the alliance produced an average of 42.448 million barrels a day in January, or 439,000 a day less than the previous month, according to a copy of the group’s monthly report obtained by Bloomberg. Kazakhstan accounted for more than half of the drop.
While the report didn’t give a reason for the overall decline, Kazakhstan’s production fell as it suspended operations at the Tengiz oil field, the country’s largest. The Chevron-led venture started to restore output there at the end of last month.
Separately, Venezuelan oil exports were disrupted by a US blockade during the ousting of former President Nicolas Maduro, while Iran continues to face American sanctions.
Saudi Arabia and several other key nations held steady in January as the Organization of the Petroleum Exporting Countries and its allies began a three-month freeze to offset a seasonal lull in consumption. They’ll meet online on March 1 to review production levels for April and beyond.
OPEC kept forecasts for global oil supply and demand unchanged for this year and next, according to the report.
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