Crude oil production from the OPEC+ alliance dropped by 439,000 bpd in January due to supply disruptions in Kazakhstan, Iran, and Venezuela. Total OPEC+ production averaged 42.45 million bpd, with Kazakhstan’s output plunging by 249,000 bpd.

Kazakhstan’s Tengiz oilfield faced a temporary shutdown after fires damaged a critical power facility, halting production and exports. The field, operated by a Chevron-led consortium, has resumed production and is ramping up output after the damage in January.

Iran and Venezuela, OPEC producers, also saw decreases in production in January due to geopolitical issues and U.S. actions. The drop in production could alleviate concerns of oversupply affecting oil prices in the market.

OPEC+ members decided to pause monthly production increments for the first quarter of 2026, maintaining February and March quotas at the same levels as January. This decision was confirmed after consecutive meetings in December and January to address seasonality concerns.

Overall, the production disruptions in Kazakhstan, Iran, and Venezuela have led to a decrease in OPEC+ output, potentially easing oversupply fears and stabilizing oil prices in the market.

Read more at Yahoo Finance: OPEC+ Oil Production Falls by 439,9000 Bpd