Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country
AEOI Chief Mohammad Eslami: We witnessed new, stricter stances from European countries since signing new agreement with IAEA
Saree: Our UAV force targeted the so-called Ramon Airport in the Umm al-Rashrash area in southern occupied Palestine
YAF spokesperson Brigadier General Yahya Saree: Our rocket force carried out an operation with a Palestine 2 hypersonic ballistic missile targeting a sensitive target in the occupied Yafa area
Trump administration clears first Ukraine arms aid package paid for by allies: Reuters, citing sources
Saudi Crown Prince Mohammad bin Salman receives Secretary of Iran's Supreme National Security Council Ali Larijani at his office in Al-Yamamah Palace
Wakim: Surrender is not in our dictionary, and it is not true that "Israel" can implement its project in Lebanon and the region
Wakim: The US is preventing the armament of the Lebanese army. The question is, why are the weapons it is handed over by the Resistance being destroyed?
Wakim: The Resistance is required to hand over its weapons to the [current] authority. The question is: Is this authority independent or subservient to America?

OPEC+ fails to produce required amount of oil under deal: IEA

  • By Al Mayadeen English
  • Source: news agency
  • 15 Feb 2023 14:36
  • 1 Shares
3 Min Read

IEA reports the lowest OECD oil stocks since 2004, expecting global output to grow, despite sanctions on Russia.

  • x
  • A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. (REUTERS)
    A 3D-printed oil pump jack is seen in front of a displayed OPEC logo in this illustration picture, April 14, 2020. (Reuters)

Citing economic challenges, such as inflation, interest rate increases, and uncertainty that surrounds global oil market outlooks, the OPEC+ alliance of petroleum-exporting countries decided to significantly reduce its oil production in an attempt to boost prices.

In a report on Wednesday, the International Energy Agency announced that the alliance failed to ensure the oil production growth needed under January's cut deal.

"Production from the 19 members bound by quotas dropped by 170 kb/d to 38.18 mb/d in January – widening the gap between the coalition’s supply and official targets to 1.9 [1.93] mb/d versus 1.8 mb/d in December. Russia, because of sanctions, trails the farthest below quotas, while Nigeria, Angola and Malaysia are lagging due to capacity constraints and operational issues," the report read.

Washington, at the time, expressed its disappointment by what it dubbed a "short-sighted decision", claiming that the blame falls upon Putin and the war in Ukraine, even though the alliance is made up of 19 countries whose majority supported the production decision. 

The decision taken is said to help alliance member Russia who reduced natural gas supplies, which Western countries call a retaliation for supporting Ukraine in its war and imposing sanctions on it.

Related News

Belarus hosts US officials at joint Zapad drills with Russia

Russian drones in airspace were 'duds': Polish FM

"We are going through a period of diverse uncertainties, which could come our way, it’s a brewing cloud,” bin Salman said back then, adding that OPEC+ sought to remain “ahead of the curve.” 

Read more: US re-evaluating ties with KSA following OPEC+ decision: WH

IEA expects global oil production to reach 101.1 million barrels per day and for global output to grow by 1.2 mb/d in the year 2023.

With this expected increase, the total oil and petroleum products reserves in the Organization for Economic Co-operation and Development (OECD) countries still fell well below expectations, hitting their lowest value since 2004.

IEA's report also stated that commercial reserves decreased by 18.1 million barrels in December, to 2.767 billion barrels.

"OECD industry stocks fell by 18.1 mb in December to 2 767 mb, 95.7 mb below the five-year average," the report read.

Read next: Iraqi PM: Keen to oil prices below $100

  • Russia
  • International Energy Agency
  • Oil Production
  • OPEC+

Most Read

Pro-"Israel" conservative Charlie Kirk shot during Utah speech

American far-right activist Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
A screengrab from the ad played on Fox News. (X Screengrab)

Fox airs ad warning Trump not to let Netanyahu 'play' him on Gaza

  • US & Canada
  • 11 Sep 2025
Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

  • Palestine
  • 14 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Britain Trained Israeli Soldiers Involved in Gaza War: Declassified
Europe

UK training of Israeli officers sparks outcry over Gaza war complicity

Luxembourg's Prime Minister Luc Frieden arrives for an EU summit at the European Council building in Brussels, Thursday, June 26, 2025. (AP Photo/Omar Havana)
Politics

Luxembourg to recognize Palestine at UN summit next week

European Union flags flap in the wind outside EU headquarters in Brussels, Wednesday, Sept. 3, 2025 (AP)
Politics

EU exec. branch to adopt new sanctions against 'Israel' on Wednesday

Charlie Kirk killing suspect faces charges in Utah court hearing
US & Canada

Charlie Kirk murder suspect faces formal charges in Utah court hearing

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS