25 February 2013
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
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
