OPEC oil production increased in January – El-Badri

LONDON (Thomson Financial) – OPEC production has risen in the first month of the year according to the Secretary General of the group, Abdalla El-Badri.

OPEC member production, including Iraq which is not included in official production quotas, has risen to 32.1 mln barrels a day from 32 mln barrels.


El-Badri said if the market remains as it currently is the cartel will roll over production quotas in March, despite calls from consumer nations for more oil in the market to cool prices from historical highs. A potential cut, which OPEC price hawks Iran and Venezuela alluded to at last week’s production meeting, has also not been ruled out.

“When we look at the fundamentals and we see that the market needs more oil then we will increase production. If there is the more oil than the market needs then we will cut production. At this time the market is stable but it’s too soon to say.

“Stocks are now at comfortable levels and we don’t see any changes to the fundamentals.”

Thomson Financial