The OPEC Monthly Oil Market Report for January 2020 was published this past week. The last month reported in each of the charts that follow is January 2021 and output reported for OPEC nations is crude oil output in thousands of barrels per day (kb/d). Figure 1 Figure 2 OPEC crude output increased by 181 kb/d in January 2021, December 2020 output was revised down from last month’s report by 47 kb/d. Figure 3 Figure 4 Figure 5 Figure 16 World liquids output was down about 7% from the January 2020 level. The chart above uses data from the Russian Energy Ministry and converts from metric tonnes to barrels at 7.3 barrels per tonne, the combination is OPEC crude plus Russian C+C output. Russian output increased by 100 kbo/d in January 2021, OPEC13 crude + Russian C+C output increased by 281 kbo/d in January 2021. Figure 18 Figure 19 […]