OPEC Oil Output Decreases in January 2019

OPEC Oil Output Decreases in January 2019

The Organization of the Petroleum Exporting Countries (OPEC) has reduced its oil production in January 2019 by 890,000 barrels per day (b/d), from December 2018, according to Reuters survey.

OPEC has pumped around 30.98 million b/d during January 2019, which is considered the largest amount reduced in two years, according to the survey.

In December 2018, output declined by 751,000 barrels per day (b/d), reaching 31.58 million b/d, according to the OPEC oil market report.

OPEC and its Russia-led allies (OPEC+) agreed to reduce oil production by around 1.2 million barrels per day (b/d) during a meeting in Vienna on December 6. OPEC will cut its production by 800,000 b/d from January 2019 while non-OPEC members will curb their production by 400,000 b/d.

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