OPEC’s January production falls to 30.08 MMbopd


OPEC’s January production falls to 30.08 MMbopd


NEW YORK -- Crude oil output from members of the Organization of the Petroleum Exporting Countries (OPEC) fell in January as Saudi Arabia continued to curtail output, according to data released Tuesday by the United States Energy Information Administration (EIA).

OPEC members pumped 30.08 MMbopd in January, compared to a revised 30.13 MMbopd in December, according to the EIA's monthly short-term energy outlook. Last month, the EIA estimated OPEC's December output was 30.28 MMbopd. The output drop was due in large part to Saudi Arabia, which cut production to 9.1 MMbopd in January from a revised 9.2 MMbopd in December. The cuts raised OPEC's overall level of spare production capacity to 2.7 MMbopd in January, up 100,000 bopd from December.

Analysts and oil traders keep close watch on OPEC's spare capacity as it provides an estimate of how much oil is available on short notice. The EIA expects OPEC spare capacity to average 2.85 MMbopd in 2013, rising to 3.38 MMbopd in 2014.

Dow Jones Newswires

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