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OPEC output falls in January on Venezuela trim

February 12, 2018 1:17 PM
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OPEC output falls in January on Venezuela trim

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.

Also read: OPEC output rises in July on Nigeria, Kuwait, UAE supplies


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