OPEC, Russia Supply Steady as Saudi Masks Venezuelan Drop
- OPEC output totaled 32.4 million b/d in January, survey shows
- Russia’s production was 10.95 million b/d last month: ministry
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Crude production by OPEC and its main ally Russia held steady last month as increases in Saudi Arabia and Iran offset the ongoing deterioration of Venezuela’s oil industry.
Output from the 14 members of the Organization of Petroleum Exporting Countries rose just 20,000 barrels a day to 32.4 million a day in January, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. Russia’s production was little changed compared to December and totaled 10.95 million barrels a day, according to data emailed Friday by the Energy Ministry’s CDU-TEK statistical unit.