OPEC oil supply to drop by 400,000 bpd in January: Petro-Logistics

File – Logo of the Organization of the Petroleum Exporting Countries (Reuters)

SULAIMANI (ESTA) — OPEC oil supply in January is expected to decrease by approximately 400,000 barrels per day, tanker tracker Petro-Logistics said on Monday.

OPEC’s compliance with pledged supply curbs is close to 100%, the company said in an email to Reuters.

“The biggest reductions in January supply are expected from Libya, Iraq and Nigeria,” Petro-Logistics said.

During an interview with Iraq’s Sharqiya TV earlier this month, Iraqi oil minister Ihsan Abdul Jabbar said he had asked OPEC members in the past meetings to allow Iraq to postpone compensating for earlier overproduction and this had helped to “bring back to Iraq’s economy”.

He also told state TV in an interview that Baghdad was in “heavy talks” with OPEC and allied oil producers to allow Iraq to postpone the compensation.

“OPEC members and allies were understanding to Iraq’s situation and its financial crisis,” said the oil minister.

On January 16, Abdul Jabbar said his country would not negotiate with OPEC+ its overproduction cut share.

The Iraqi oil minister affirmed Iraq’s commitment to the OPEC+ reduction decision.

OPEC+ cut supply by a record 9.7 million bpd last year and is pumping an extra 500,000 bpd in January under a plan to unwind the curbs gradually. Most producers will hold steady in February and Saudi Arabia is cutting output by 1 million bpd next month and March.

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