The Organization of the Petroleum Exporting Countries ( The Organization of the Petroleum Exporting Countries ) has decreased its crude output nearly 800,000 bpd to 30.81 barrels per day (bpd) in January , according to its March report. And further declines in Iran, Libya and Venezuela - exempt from the supply pact - could give a tailwind. 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 January by pumping 500,000 bpd below its agreement target, or 9.8 million bpd. Given the slowing economy and the increased production in the Saudi Arabia , the organisation also expects OPEC oil demand to decline to 30.59 million bpd, or 500,000 bpd less than previously forecast.
The Organization of the Petroleum Exporting Countries ( The Organization of the Petroleum Exporting Countries ) has decreased its crude output nearly 800,000 bpd to 30.81 barrels per day (bpd) in January , according to its March 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 January by pumping 500,000 bpd below its agreement target, or 9.8 million bpd. Given the slowing economy and the increased production in the Saudi Arabia , the organisation also expects OPEC oil demand to decline to 30.59 million bpd, or 500,000 bpd less than previously forecast.