OPEC Gets Further Behind Oil Production Quotas

OPEC raised its crude oil production by just 64,000 barrels per day (bpd) in January 2022, well below the 254,000-bpd increase in output allowed under the OPEC+ deal, as OPEC and its allies in the OPEC+ group continue to undershoot quotas and supply fewer barrels to the market than promised. All 13 members of OPEC—including the three producers exempted from the OPEC+ quotas Iran, Libya, and Nigeria—pumped 27.981 million bpd in January, up by 64,000 bpd from December, according to secondary sources, OPEC's Monthly Oil Market Report (MOMR)…