OPEC+ production dipped in January to 42.56 million b/d, a decline of 270,000 b/d compared to December levels and the first monthly drop in 13 months,driven by output cuts in Kazakhstan, Russia, Nigeria and Libya.

Brent were down 16 cents, or 0.23%, at $68.88, WTI fell 20 cents, or 0.31%, to $64.16.

Globally, over 666 million people do not have access to electricity. If those without electricity were a country, they would be the third most populous on earth.

Brent fell $1.44, or 2.07%, to $68.02, WTI fell $1.34 cents, or also 2.06%, to trade at $63.80.

The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 1 February 2026, to review global market conditions and outlook.

Brent fell 12 cents, or 0.2%, to $63.05 a barrel. WTI was down 7 cents, or 0.1%, to stand at $59.25 a barrel.

The eight participating countries reiterated that the 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner.

Brent rose 22 cents, or 0.4%, to $63.54 a barrel , WTI was at $59.71 a barrel, up 22 cents, or 0.4%.

The EIA said in a statement that it expects oil production growth to be led by countries outside of OPEC+. Production in South America has been the leading source of growth as new offshore vessels have started up ahead of schedule in Brazil and Guyana this year, the outlook said.

The Organization of the Petroleum Exporting Countries and its allies, led by Russia, a group known as OPEC+, have been unwinding previously agreed oil production cuts to regain market share from rivals such as U.S. shale producers.

Принимая во внимание устойчивые перспективы мировой экономики и текущие рыночные показатели, отражённые в низких запасах нефти, они договорились произвести в ноябре 2025 года корректировку добычи на 137 тыс. баррелей в сутки.

In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to implement a production adjustment of 137 thousand barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023.

Companies are free to decide how they want to organise their production processes in accordance with the specifications of the energy sources used (electricity, low-carbon hydrogen, biomass) but selected projects will be required to achieve binding milestones for emission reduction (60% from the third year onwards, 90% in the last year of the term of the contracts).

Стороны рассмотрели данные по добыче сырой нефти за июль и август 2025 года и отметили высокий уровень соблюдения обязательств странами ОПЕК и не-ОПЕК, участвующими в Декларации о сотрудничестве.

The Committee also reaffirmed that it will continue to monitor adherence to the production adjustments decided upon at the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on 5 December 2024, and the additional voluntary production adjustments announced by some participating OPEC and non-OPEC countries as agreed upon in the 52nd JMMC held on 1 February 2024.