Venezuela Pumped Less of its Capacity

Venezuela pumped 2.34 million bpd of crude oil last month, while the capacity of the country is 2.45 million bpd, the US' Energy Information Administration said.

As it implemented an 110,000 bpd production cut in January versus December, Venezuela was the only member of the Organization of Petroleum Exporting Countries to adopt late the group's reduction agreed in October and expected to become effective in November and December.

Overall OPEC output was 30.01 million bpd in January, a decrease of 340,000 bpd compared to December.