OPEC has again failed to meet its own production targets again in January as the group lifted production only 210,000 additional barrels per day for the month. Looking at this through a monthly lens, the group increased production by just 210,000 bpd instead of the 400,000 bpd increased production that the alliance agreed to—creating a January shortfall of 190,000 barrels per day. But the real shortfall is much larger. Looking back at the base amounts that OPEC is working with, and factoring in each month’s planned increased production, January production cuts from OPEC show a much larger shortfall. OPEC’s actual January production cuts still amounted to 2.803 million barrels per day short of the base levels when OPEC agreed to the cuts. This compares to the pledged cut for January of 2.129 million bpd. This equates to an extra 674,000 bpd in cuts for January than what OPEC has […]