Total crude oil output from OPEC’s 12 members remained below the 30mn b/d mark for the third month running in January, despite registering its second successive month-on-month increase. A more than doubling of Libyan production – coupled with modest boosts in Iran and Nigeria – more than compensated for marked decreases in output from Iraq and Angola.

Overall, MEES estimates put total production at 29.95mn b/d for January, up just 40,000 b/d from an upwardly revised 29.91mn b/d in December (see table). (CONTINUED - 1069 WORDS)