The biggest cut came far from the top OPEC producer Saudi Arabia. The Kingdom pumped about 10.2 million bpd in January, down 350,000 bpd from December and nearly 100,000 bpd during its official quota under the production contract. The king will continue to reduce production and reduce production to about $ 9.8 million in March, said Saudi Energy Minister Khalid al-Falih to the Financial Times in an article published Tuesday.
The next largest cuts came from the United Arab Emirates and Kuwait, although the UAE pumped a little over its quota last month.
Altogether, half of the participating OPEC countries exceeded their quota during the first month of the agreement, but some just barely pumped over the target.
The biggest lady came from Iraq, who regularly exceeded the limit under OPEC's latest production contract that ran from January 201
Nigeria, which was exempt from The Last Round of Restrictions, surpluses its cap with 107,000 in January. The figures that were delivered directly from the country showed that Nigeria was pumped in line with its quota.
OPEC's efforts to back up supplies increased from the decline in production in Iran and Libya, the two member states exempted during the current agreement.
Iran's production crossed slightly lower when the nation weathered its third month under US energy sanctions. Meanwhile, Libya's production was reduced by 52,000 bpd when the country's largest oilfield was anchored by a dispute with workers and armed protesters.