OPEC Output Down 120,000 bpd in January

Overall crude production by oil cartel OPEC fell again in January, dropping by 120,000 barrels per day to 29.68 million barrels per day (mil b/d) from December's 29.8-mil b/d, a Platts survey of OPEC and oil industry officials showed February 13.

That figure includes Iraqi production at 1.53-mil b/d. Excluding Iraq, which does not participate in OPEC output accords, the ten members with crude

production quotas pumped an average 28.15-mil b/d in January, 100,000 b/d down from December's 28.25-mil b/d and just 150,000 b/d above their 28-mil b/d ceiling.

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