OPEC+ Jan Output -439,000 bpd; Kazakhstan Shutdown, Q1 Cuts Continue

OPEC+ crude oil production fell 439,000 bpd in January 2026 compared to December, led by a 249,000 bpd drop in Kazakhstan after a fire at the Tengiz field’s power infrastructure forced a temporary shutdown. Output also declined in Iran and Venezuela by over 80,000 bpd each. Kazakhstan production resumed and is ramping up; OPEC said output will remain unchanged in February and March for eight Q1 pause members: Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, citing seasonality.