Opec production growth was just 190,000 b/d for January, marking the group’s slowest monthly rise since March 2021. Opec’s lower than planned output growth is only adding to concerns of an undersupplied market with several weaker members struggling to keep up.
The ten Opec members subject to cuts were entitled to increase production by 254,000 b/d last month but only managed 180,000 b/d between them. As a result, their cumulative output fell to 540,000 b/d below their ceiling. Concerns over the ability of some Opec+ members to increase output has helped Brent hit $90/B. (CONTINUED - 624 WORDS)