Improving compliance among the group and wider group is offset by production increases in outliers Libya, Venezuela and Iran
OPEC-9 output declined in January for the second consecutive month, according to Petroleum Economist estimates, despite falling Russian exports due to tightening sanctions. Compliance was seen at 99%. China’s retaliatory tariffs against the US are expected to reduce flows from North America’s largest exporter. Saudi Aramco raised official pricing prices for March to Asian destinations significantly, with Arab Light showing an increase of $2.40/bl to $3.90/bl above the Oman/Dubai average. Saudi production increased to 9.01m b/d compared with 8.99m b/d in December. Not only China, but also India and other Asian importers, have scrambled to secure alternative supplies due to Russian oil’s absen
