Opec-Plus: January Output Steady as Pressure on Iran Rises

In January, crude oil production by the 22 members of Opec-plus was assessed at 40.64 million barrels per day, virtually flat compared with updated December estimates. Output by the group’s 12 Opec members fell by 160,000 b/d on the month to 26.65 million b/d, while production among the 10 non-Opec members rose by a similar amount to 13.98 million b/d, largely due to a sharp increase from Kazakhstan. But Kazakh output could be forced down by 400,000 b/d for a month, perhaps two, due to a mid-February drone attack on its key Caspian CPC export pipeline. Compared to January 2024, last month’s Opec-plus crude output was down 220,000 b/d, according to Energy Intelligence’s assessment.