The supply cut was a policy U-turn after the producer alliance known as OPEC+ agreed in June 2018 to boost supply amid pressure from U.S. President Donald Trump to lower prices and cover an expected shortfall in Iranian exports. The Organization of the Petroleum Exporting Countries ( ISO ) has decreased its crude output nearly 300 bpd to 30.81 barrels per day ( BP ) in January , according to its monthly estimates . Saudi Arabia contributed the most to the decline by reducing output by 300 bpd , with the country planning to lower supplies even more in March by pumping 500,000 bpd below its production target , or 9.8 million bpd . Given the slowing economy and the increased production in the country , the organisation also expects OPEC oil demand to decline to 30.59 million bpd , or 240,000 bpd less than previously forecast .
The Organization of the Petroleum Exporting Countries ( ISO ) has decreased its crude output nearly 300 bpd to 30.81 barrels per day ( BP ) in January , according to its monthly estimates . Saudi Arabia contributed the most to the decline by reducing output by 300 bpd , with the country planning to lower supplies even more in March by pumping 500,000 bpd below its production target , or 9.8 million bpd . Given the slowing economy and the increased production in the country , the organisation also expects OPEC oil demand to decline to 30.59 million bpd , or 240,000 bpd less than previously forecast .