OPEC oil production falls as S.Arabia slashes output

OPEC oil production falls as S.Arabia slashes outputGlobal oil cartel OPEC said Tuesday it sharply reduced crude oil production last month, after heavyweight Saudia Arabia slashed output and exports fell in crisis-hit Venezuela. In its monthly report, OPEC said it produced 797,000 fewer barrels per day in January than in the previous month, a decrease in line with the cartel's pledge to curb output in a bid to boost sagging prices. The decrease by the group of 14 producer countries -- which has long manipulated oil output to influence global prices in members' favour -- brought total production to 30.81 million barrels per day in the month, the report said citing secondary sources.




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