In January, oil supplies by OPEC countries decreased the most in the last two years, according to a Reuters survey, since the largest exporter, Saudi Arabia, is the only one operating at full capacity, while in Iran, Libya and Venezuela there is a decrease. The 14-member Organization of Petroleum Exporting Countries pumped 30.98 million barrels per day in January, down 890,000 barrels per day compared to December and the largest decline since January 2017.
Recall oil rose to $ 62 per barrel after falling below $ 50 in December, helped by Saudi Arabia's actions, supply disruptions in several OPEC countries and the prospect of lower supplies from Venezuela after US President Donald Trump imposed sanctions on the local oil industry. OPEC, Russia and other countries agreed in December to cut shipments by 1.2 million barrels per day from January 1. OPEC's share of this reduction is 800,000 barrels per day, with an exception made for Iran, Libya, and Venezuela. The data showed that on January, 11 OPEC members, bound by the new agreement on the restriction of supply, reached 70 percent of the promised reductions. A further decline in Iran, Libya and Venezuela increased the overall OPEC figure to 890,000 barrels per day.
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