OPEC says oil output falls by 49,000 bpd on month in January

MOSCOW, Feb 14 (PRIME) -- The OPEC countries decreased their oil production by 49,000 barrels per day on the month to 28.88 million barrels per day in January to fulfill the OPEC+ oil production cut deal by 173%, the OPEC said in a monthly report on Tuesday.

OPEC worsened its outlook for the combined oil production outside the alliance to a rise of 1.4 million barrels per day in 2023.

The alliance decreased its forecast for growth of liquid hydrocarbons production in Russia in 2023 by 50,000 barrels. The output is to fall by 900,000 barrels per day to 10.1 million barrels per day.

OPEC slightly improved its global oil demand growth forecast for 2023 of 2.3 million barrels per day to 101.87 million barrels per day.

Commercial reserves of oil and oil products in the countries of the Organization for Economic Cooperation and Development (OECD) went down by 10.9 million barrels on the month in December 2022, and were below the average reserve level of 2015–2019 by 158 million barrels.

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