A recent survey showed that OPEC production of oil rose during the month of
January, due to increased supplies in Nigeria and Saudi Arabia.
OPEC production rose to 32.4 million barrels per day (bpd) in January 2018, an increase of 100,000 barrels per day from December levels, the Reuters news agency reported.
The total output of the previous month was revised down by 110,000 barrels per day to the lowest level since April 2017. The
report showed that producers' compliance with the cut production agreement increased to 138 percent, the highest level since 2014, despite the increase in supplies during This month, compared to a commitment level of 137%.
Saudi Arabia has increased production by 50,000 bpd, but supplies remain below OPEC's target for producing the kingdom.
Libya has raised its oil production by 30 thousand barrels per day, and with the return of the country opened some of the fields closed by a blockade since last November.
The biggest cut in production from Iraq, which exported about 3.5 million barrels per day from the south, was the export port for most of its oil, slightly below the record high of December.