OPEC January Crude Output Falls to Two-Year Low in Survey

OPEC crude production dropped to the lowest level in more than two years in January, led by a decline in Angolan output, a Bloomberg survey showed.

Output by the 12-member Organization of Petroleum Exporting Countries decreased 151,000 barrels to an average 29.888 million barrels a day from 30.039 million in December, the survey of oil companies, producers and analysts showed. It was the least since June 2011. The December total was revised 84,000 barrels a day higher because of changes to the Saudi Arabian, Kuwaiti and Iraqi estimates.

Angola crude production tumbled by 258,000 barrels to 1.48 million this month, the least since the country joined OPEC in 2007. Output declined because of maintenance at the Plutonio offshore field operated by BP Plc.

Saudi Arabia, the group’s biggest producer, curbed output by 100,000 barrels a day to 9.7 million. The desert kingdom pumped 10 million barrels a day in September, the most in monthly data going back to 1989.

Libyan output rose by 260,000 barrels a day to 470,000 in January, the first increase since March. The country pumped 210,000 barrels a day in November and December, the lowest level since September 2011.

To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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