Opec production hits 12-month lows

Global oil production fell to 90.8 million barrels a day

Global oil production fell by 300,000 barrels a day (b/d) in January, to 90.8 million b/d, as Opec crude output hit 12-month lows. The International Energy Agency (IEA) said Opec crude supply was 30.34m b/d in January, 100,000 b/d lower month-on-month. Slightly higher output from Saudi Arabia and Kuwait was insufficient to offset reduced production from Nigeria, the United Arab Emirates, Iran, Libya and Qatar, the IEA said. Iranian crude production continued to edge lower in January and may fall further following tightened US sanctions. Iranian oil production is now at 2.65m b/d, the IEA said. The agency said total global crude production in January 2013 was just 40,000 b/d higher year-on-ye