REUTERS, London

Opec oil output in January registered the biggest monthly drop since July, a Reuters survey found, as several members implemented new voluntary production cuts agreed with the wider Opec+ alliance and unrest curbed Libyan output.

The Organization of the Petroleum Exporting Countries pumped 26.33 million barrels per day (bpd) this month, down 410,000 bpd from December, the survey found. December’s total strips out Angola, which has left Opec.

The latest decline marks a further drop in market share for opec, which began curbing output in late 2022, in order to support the market and counter increased output from non-opec countries such as Brazil and the United States.

In January, the biggest decline came from Libya, one of the Opec members not required to restrain output, after unrest prompted the shutdown of the Sharara oilfield, one of the country’s largest.