Preliminary data indicate that crude oil production from the 13 members of the Organization of the Petroleum Exporting Countries (OPEC) declined by 1.07 mb/d in January 2017 (to 30.1 mb/d), compared to December 2016 levels (31.17 mb/d). Production quotas entered into force on 1 January 2017, as agreed in November 2016.
This corresponds to 82% of the reduction target. Saudi Arabia was the main contributor to the cut, with a daily production level falling from 10.45 mb/d in December 2016 to 9.98 mb/d in January 2017. Meanwhile, Iraq reduced its output by 4.2% to 4.51 mb/d and Iran's production slightly increased (+0.5% to 3.73 mb/d), as approved in the November 2016 agreement. In Libya and Nigeria, which are not included in production cut programmes, crude oil output slightly increased, by 9.5% in Libya to 690 kb/d and by 1.9% in Nigeria to 1.57 mb/d.