OPEC squeezes oil output to 4-year low, Russia compliance low

OPEC production fell to a four-year low in January as the cartel applied a new pact to boost global oil prices, the International Energy Agency said Wednesday, but Russia and other ex-Soviet states failed to cut back output as much as promised.

The Paris-based organization said that OPEC crude output dropped by 0.93 million barrels per day (mbd) to 30.83 mbd in January.

IEA figures show Venezuela’s output dropping by roughly 30,000 barrels per day to 1.26 mbd.

The IEA also raised its estimate for the increase in non-OPEC crude supply in 2019 to 1.8 mbd, which is 0.3 mbd higher than previously.

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Article source: http://www.dailystar.com.lb//Business/International/2019/Feb-13/476546-opec-squeezes-oil-output-to-4-year-low-russia-compliance-low.ashx