OPEC oil production reaches 29.94 million bpd in January

The Organization of the Petroleum Exporting Countries' (OPEC) oil production reached an average of 29.94 million barrels per day in January, Reuters reported.

OPEC's (Organization of the Petroleum Exporting Countries) oil production reached an average of 29.94 million barrels per day in January, Reuters reported. January's expansion in oil output was a contrast to December's production of 29.63 million bpd - the lowest since May 2011 for OPEC when the average was 28.90 million bpd. 

Oil output from Iran gained 50,000 bpd to reach 2.75 million bpd in January.

Previously, OPEC said it could handle a rise in oil supply from Iran if sanctions that restrict oil output are loosened, The Wall Street Journal reported.

"When Iran will come [back], when Libya will come [back], I don't think there will be difficulty for OPEC," said Abdalla Salem el-Badri, secretary general of OPEC.

Iran said its oil production could increase from 2.6 million bpd with sanctions to 4 million bbp when sanctions are removed. Libya's oil output is half of its usual 1.4 million bpd last year to reach 650,000 bpd because of strikes, but this decrease in supply could increase to its normal level once the strikes end.

"Over the next few months, the big challenge for OPEC will be to respond appropriately to any further normalisation of oil production in Libya," said Carsten Fritsch, analyst at Commerzbank in Frankfurt, according to Reuters.

More information on OPEC crude oil production can be found on PennEnergy's research area.

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