OPEC said on Tuesday it had cut oil production steeply under a global supply deal, although it flagged headwinds confronting its efforts to prevent a glut this year including weaker demand and higher rival output. The Organization of the Petroleum Exporting Countries (OPEC) has decreased its crude output nearly 800,000 bpd to 30.81 barrels per day (bpd) in January, according to its monthly report. Saudi Arabia contributed the most to the decline by reducing output by 350,000 bpd, with the country planning to lower supplies even more in March by pumping 500,000 bpd below its agreement target, or 9.8 million bpd. OPEC said it would cut production from January through April at a rate of about 1.2 million bpd.
The Organization of the Petroleum Exporting Countries (OPEC) has decreased its crude output nearly 800,000 bpd to 30.81 barrels per day (bpd) in January, according to its monthly report. Saudi Arabia contributed the most to the decline by reducing output by 350,000 bpd, with the country planning to lower supplies even more in March by pumping 500,000 bpd below its agreement target, or 9.8 million bpd. OPEC said it would cut production from January through April at a rate of about 1.2 million bpd.