Reuters Survey: OPEC Oil Production Rose in January For 7th Month in a Row

A Reuters survey concluded that OPEC oil production increased for a seventh month in January after the organization and its allies agreed to further ease record restrictions on supplies, but an involuntary drop in Nigeria’s exports limited the increase.

The survey revealed that the 13 member states of the Organization of the Petroleum Exporting Countries (OPEC) pumped 25.75 million barrels per day in January, representing an increase of 160,000 barrels per day from December and a greater increase from the lowest level in three decades that production reached in June.

OPEC+ decided to reduce production cuts by 500,000 barrels per day from January 1, with demand recovering to some extent after the emerging Coronavirus crisis.

The survey concluded that the agreement allowed OPEC to increase production by about 300,000 barrels per day in January, but the group produced just over half of that amount after a sharp drop in supplies from Nigeria.