OPEC+ Jan. crude output edges up, Russia resilient to sanctions - survey
Quantum Commodity Intelligence - The OPEC+ coalition increased its crude oil production by 40,000 bpd in January as Russian output remained relatively resilient against the impact of sanctions, according to the latest production survey published by S&P Global Commodity Insights.
Russian production fell just 10,000 bpd in the month to an average of 9.85 million bpd, according to the survey, despite an EU embargo on imports of Russian crude and accompanying G7 price cap that came into force 5 Dec.
Elsewhere, Nigeria and Congo showed healthy recoveries, offsetting declines in Saudi Arabia and neighbouring Bahrain.
OPEC's core-13 members pumped 29.09 million bpd in January, up 110,000 bpd from December, while the bloc's nine allies led by Russia produced 13.66 million bpd, down 70,000 bpd.
S&P Global Platts is one of seven data providers OPEC+ uses to calculate compliance rates, along with the EIA, Argus, IHS Markit, Rystad Energy, Wood Mackenzie and Energy Intelligence. The data also helps to formulate OPEC+ policy.
Russia
Meanwhile, S&P Global estimates that Russian supply disruptions will peak at 700,000 bpd below pre-war levels in March, as refineries are forced to cut runs and storage facilities reach capacity.
That is, however, down from a December forecast of 900,000 bpd in disruptions, as the market has found ways to sustain flows of Russian crude so far.
Prices for Russia's key crude grade Urals continue to trade at massive discounts. Platts, a part of S&P Global, assessed Urals at $44.82/b, compared to Dated Brent at $83.15/b on 8 Feb.
Among other producers, Nigeria pumped 1.40 million bpd in January, the survey found, up 70,000 bpd from December and the highest since April, as key grade Agbami returned from maintenance and recently troubled flows of Forcados and Bonga saw further rebounds.
OPEC's biggest producer Saudi Arabia produced 10.42 million bpd in January, down 60,000 bpd, as exports showed a sizeable fall, while Bahrain saw its output drop to 150,000 bpd from 200,000 bpd.
