OPEC Output Dropped By 800,000 Barrels A Day In January

Credit: Wochit Business
Published on February 12, 2019 - Duration: 00:42s

OPEC Output Dropped By 800,000 Barrels A Day In January

According to Business Insider, OPEC's production output for January dropped almost 1 million barrels a day.

The expected drawdown in January followed a decision by the cartel late last year to cut production again.

OPEC said that production dropped by 797,000 barrels a day last month, which is near to the 800,000 barrel target the cartel set.

But the drawdown has coincided with sanctions against Iranian exports, which is OPEC's fourth-largest producer.

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