OGJ Newsletter

Market MovementWorldwide oil production fallsIEA's initial estimates of worldwide oil production since output reduction pledges went into effect Jan. 1 show that it dropped 510,000 b/d last month from an average of 76.8 million b/d in December. Click here to enlarge imageExcluding Iraq, OPEC production exceeded the organization's new 21.7 million b/d quota by 1.3 million b/d. Still, production by the 10 countries fell 640,000 b/d from the previous month.Iraqi production, according to the Paris-based agency, increased 170,000 b/d in January to 2.17 million b/d. Exports, up 120,000 b/d from December, accounted for 1.47 million b/d of this volume. The remainder was allocated to dome...

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