OPEC Jan Oil Output Rises for 7th Month, Nigeria Limits Gain-Survey



Alex Lawler | Reuters

LONDON (Reuters) – OPEC oil output has risen for a seventh month in January, a Reuters survey found, after the group and allies agreed to ease record supply curbs further, although an involuntary drop in Nigerian exports limited the increase.

The 13-member Organization of the Petroleum Exporting Countries is pumping 25.75 million barrels per day (bpd) in January, the survey found, up 160,000 bpd from December and a further increase from a three-decade low reached in June.

OPEC+, which groups OPEC and other producers led by Russia, agreed to pump more from Jan. 1 and returns to output restraint again from February amid fears of a slow demand recovery. The latest supply pact has helped oil to an 11-month high above $57 a barrel this year.

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