OPEC crude production fell in January

OPEC oil production fell in January as Iraqi exports fell, Nigerian output failed to recover further and Gulf members continued to stick closely to OPEC's deal to cut output, a survey showed on Tuesday. OPEC produced 28.87 million barrels per day (BPD) for the month, down 50,000 BPD from December, the survey found. In September, OPEC production hit its highest level since 2020. The implementation rate was 172 percent in January, compared with 161 percent in December. OPEC members produced 920,000 barrels per day (BPD) below their target in January, compared with 780,000 BPD in December. As demand recovers, OPEC producers are ramping up production through most of 2022. In November, the group slashed its production target by the most since the early days of the pandemic in 2020 as oil prices weakened. The decision to cut production from November calls for OPEC to cut its target output by 2 million BPD, of which about 1.27 million BPD will come from OPEC's 10 participating countries. For now, the target still applies.