OPEC+ Crude Exports Rise While Non-OPEC+ Output Declines

In January, OPEC+ crude oil production was assessed at 40.64 million barrels per day, remaining stable compared to December, with a slight decline from the previous year. The 12 OPEC members saw a reduction in output by 160,000 b/d, while non-OPEC members, particularly Kazakhstan, experienced an increase in production. However, Kazakhstan's output may face significant challenges due to a mid-February drone attack on its key export pipeline, which has already impacted flows. Global crude exports reached their highest monthly level since May 2024, driven by a notable rise in OPEC+ exports, particularly from Iran and Saudi Arabia. These changes occur amid rising oil prices influenced by the pipeline disruptions and broader geopolitical tensions, including potential U.S. tariffs and sanctions against Iranian oil. Overall, the oil market is experiencing increased volatility and supply uncertainties as these dynamics unfold.