OPEC+ reduced oil production in January 2023

Oil production by OPEC+ countries in January of this year in monthly terms decreased by 160 thousand barrels per day, to 44.29 million barrels per day, according to the report of the International Energy Agency.

"Oil production of all 23 OPEC+ countries fell by 160 thousand barrels per day in January, to 44.29 million barrels per day, while the Middle East became the leader of the decline", - the report says.

The production of 19 countries bound by quotas fell by 170 thousand barrels per day to 38.18 million barrels per day in January. Because of this, the gap between the actual production of the alliance and the official targets increased to 1.93 million barrels per day against 1.8 million in December last year.

Earlier today, OPEC predicted an increase in demand for raw materials in 2023 by 2.32 million barrels per day. This is 100 thousand barrels more than the figure announced by the cartel in January.