Survey Shows Disruption in Libyan Oil Supplies and a Decline in OPEC Production in January 2024

A survey conducted by “Reuters” showed that OPEC’s oil production in January 2024 recorded its largest monthly decline since last July, as a number of members adopted new voluntary production cuts as agreed within the framework of the “OPEC+” alliance, while Libyan production disruptions undermined.

The survey found that the Organization of the Petroleum Exporting Countries pumped 26.33 million bpd in January, down 410,000 bpd from December and excluding total December output for Angola, which left OPEC. The Reuters survey is aimed at tracking supplies to the market and is based on shipping data provided by external sources, flows data from the London Stock Exchange Group, information from flow-tracking companies such as Petro-Logistics and Kepler, and information provided by sources in oil companies, OPEC, and consulting firms.