Opec has started 2019 with production at just 31.05mn b/d for January, 1mn b/d down on January 2018, 810,000 b/d less than December and the lowest figure in nearly four years.

January was the first month under which the latest round of Opec+ production cuts agreed on in December were in force (MEES, 7 December 2018). Some 11 out of Opec’s 14 current members signed up to cut production. (CONTINUED - 1026 WORDS)