The unexpected cuts cause total oil production in OPEC member countries in January this year reached its lowest level in last four months.
OPEC crude production fells to 600,000 barrels per day in January 2020, because of limited production and unintended decline, bringing its total oil production to its lowest level since the Saudi Aramco oil facility attack in September, Argos media reported.
OPEC’s total oil production in January was 28.47 million barrels per day and its members who were obliged to cut production, exceeded their commitment.
Half of OPEC’s oil output loss in January came from Libya, where most of its infrastructure operations were stopped in offshore by Libyan National Army forces affiliated with the Khalifa Haftar.
Venezuela also experienced unintended decline in production in the first month of the year 2020, reaching 750,000 barrels per day.