Crude oil production from the OPEC+ alliance slumped by as much as 439,000 barrels per day in January compared to December as a major supply disruption in Kazakhstan added to lower output from Iran and Venezuela, OPEC data showed in its Monthly Oil Market Report (MOMR).

Total OPEC+ crude oil production averaged 42.45 million barrels per day (bpd) in January 2026, down by 439,000 bpd versus December, as Kazakhstan’s output plummeted by 249,000 bpd, according to the OPEC estimates based on secondary sources.

Kazakhstan’s crude oil production plunged as the biggest oilfield, Tengiz, was forced into a temporary shutdown on January 18 after fires damaged a critical power generation and distribution facility. Production and exports were halted following damage to site power systems serving the field, which is operated by a Chevron-led consortium.

The Tengiz field has resumed production and is ramping up now, but the damage to the January production was considerable.

Apart from non-OPEC’s Kazakhstan, OPEC’s producers Iran and Venezuela also saw a drop in January production, by over 80,000 bpd each compared to December. Geopolitical flare-ups and the U.S. blockade and then takeover of Venezuelan oil sales affected production in the South American country holding the world’s largest crude oil reserves.

The unplanned outages and lower production could ease to some extent the fears of oversupply that have been weighing on oil prices.

In early February, the eight OPEC+ members that have been implementing cuts since 2023 – Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman – reaffirmed the decision to pause monthly increments during the first quarter of the year, “due to seasonality”.

The decision was first taken in November 2025 and was confirmed at two consecutive meetings in December and January.

So February and March production quotas for these producers will be the same as in January.

By Michael Kern for Oilprice.com

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