OPEC’s Oil Production Rises In January As Cartel Eases Output Cuts

As the OPEC+alliance eases its output cuts in Q1, crude oil production by OPEC has risen by 160k barrels per day in January. Of the 500,000 agreed to be added in January by the collective, OPEC’s share comes out approximately to 300,000 bpd. The three biggest increases, in order, came from Saudi Arabia, Iraq, and Iran.