OPEC oil output drops gradually in January

BEIJING, Feb. 4 — Crude-oil production by the Organization of Petroleum Exporting Countries (OPEC) 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.

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