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.