Iraqi output fell 90,000 barrels, or 4.7 per cent, to 1.82 million barrels a day in January. Iraq is the only OPEC member without a production quota.
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OPEC Production Declined For 3 Months
Oil production by the Organization of Petroleum Exporting Countries fell 1.2 per cent in January
Crude oil production by the Organization of Petroleum Exporting Countries fell 1.2 per cent in January, led by declines in Iraq and Saudi Arabia, a Bloomberg survey showed.
Daily production by all 11 OPEC members fell 370,000 barrels to an average of 29.44 million barrels, according to the survey of oil companies, producers and analysts. It was the third straight monthly decline after six months of gains.
"We can expect to continue seeing OPEC production decline as they try to stabilize prices," said Carl Larry, an associate director of energy futures at Barclays Capital Inc in New York. "As time passes, it will be reflected in US import levels."
Iraqi output fell 90,000 barrels, or 4.7 per cent, to 1.82 million barrels a day in January. Iraq is the only OPEC member without a production quota.
Iraqi output fell 90,000 barrels, or 4.7 per cent, to 1.82 million barrels a day in January. Iraq is the only OPEC member without a production quota.
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