TSX:SGY - Post Discussion
Post by
Carjack on Jan 31, 2024 2:28pm
Oil supply
On the supply side, OPEC oil output in January registered the biggest monthly drop since July, a Reuters survey found, as several members implemented new voluntary production cuts agreed with the wider OPEC+ alliance and unrest curbed Libyan output.
OPEC pumped 26.33 million barrels per day (bpd) this month, down 410,000 bpd from December, the survey found. December's total strips out Angola, which has left the group.
U.S. crude production in November rose 0.6% to a new monthly record of 13.31 million barrels per day, as output in Texas and New Mexico notched records as well, the EIA said on Wednesday.
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