OPEC output falls in January on Venezuela trim

OPEC output falls in January on Venezuela trim

Mubasher: The Organization of Petroleum Exporting Countries (OPEC) on Monday announced a drop in its oil production in January from a month earlier.

OPEC output fell in the first month of 2018 by 8,100 barrels to 32.30 million barrels per day (bpd) on the back of lower production from several countries led by Venezuela, and followed by Nigeria and Angola, the report showed.

Some of the output reduction was offset by production increases from four Arab countries led by Iraq, Saudi Arabia, Libya, and Kuwait.

OPEC and non-OPEC members had agreed to reduce oil output by 1.8 million bpd in order to bolster oil prices. The agreement extends till the end of 2018.

Iraq recorded the highest output increase with 30,200 barrels to 4.43 million bpd, while Saudi Arabia came in second with a 23,300 barrel-increase to 9.97 million bpd in January, OPEC said in its report.

By 1:03 pm GMT, US crude (Nymex) gained 1.84% or $1.09 to $60.29 per barrel (pb), while Brent crude rose 1.40% or $0.88 to $63.67 pb.