The data below is taken from the OPEC Monthly Oil Market Report. All OPEC data is through January 2019 and is in thousand barrels per day.

OPEC 14, crude only, was down just three thousand barrels short of 800,000 barrels per day in January.

The difference between what Saudi says they produced and what secondary sources say Saudi produces is 51,000 bpd. But the difference between what Iraq says they produced and what secondary sources say is even more remarkable.

OPEC 14 peaked in 2016 and, in my opinion, have been producing flat out since then, except for January of course. The 2019 avg is January only.

Angola was down 75,000 barrels per day in January.

Ecuador peaked exactly four years ago and is down 43,000 bpd since that point.

It looks like Iran has reached their post sanctions level of production.

Iraq showed little interest in cutting production in January. Via direct communications, they said they were up 110,000 barrels per day though secondary sources said they were down 43,000 bpd, a 153,000 bpd difference.

Kuwait’s monthly peak was in December 2016. Their annual peak was in 2013. They are now back to a level they have been able to hold.

Libya, like Iran and Venezuela, is exempt from quotas.

Nigeria claimed they were down 110,000 barrels per day but secondary sources says they were up 52,000 bpd. Perhaps with all the political problems they are having, they are in no mood for cutting production.

Saudi Arabia, the big dog on the block, was down 350,000 barrels per day in January, though they said they were actually down 401,000 bpd.

The UAE was obviously prepping for their quota cut for the last three months in 2018. They are now backs to what they can probably hold for awhile.

The sad story of Venezuela continues…

Eleven OPEC nation are subject to quotas. Here are their over or under stats.

OPEC + Russia, down 1,590,000 barrels per day since October, should be enough to move the market. And it does seem to be up about 1.5% this morning.

They are saying Non-OPEC liquids were down 23,000 barrels per day in January.