According to OPEC’s most recent Monthly Oil Market Report (MOMR), which was released on Tuesday, crude oil production from all 13 OPEC members fell by 49,000 barrels per day (bpd) in January compared to December as top producer Saudi Arabia reduced output by 156,000 bpd.

Nigeria and Angola increased their production the highest, by 65,000 bpd and 47,000 bpd, respectively, according to secondary sources used by OPEC. These producers continue to pump far below their mandates, making them among the biggest OPEC+ laggards.

According to secondary sources in OPEC’s report, crude oil production in January decreased by 49,000 bpd from December to an average 28.88 million bpd. Saudi Arabia, the largest producer and de facto cartel leader, produced 10.319 million barrels per day (bpd) in January, 156,000 barrels per day less than in December and more than 100,000 barrels per day less than its quota under the OPEC+ agreement, which was established at the October meeting and is in effect from November 2022 through December 2023, or until OPEC+ decides otherwise.

Saudi Arabia self-reported to OPEC that its crude oil output increased by 17,000 bpd from December to an average of 10.453 million bpd in January.

According to a Reuters survey, the 10 OPEC nations who are a part of the OPEC+ collective target production were assessed to have produced about 920,000 bpd less than the January objective.

After Russia last week announced a 500,000 bpd reduction in its output for March, OPEC and OPEC+ do not intend to alter their current course regarding their oil production targets going forward.