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OPEC cut production by nearly 800,000 barrels a day in January, pumping just above its oil target

Tom DiChristopher

OPEC removed 797,000 barrels per day from the market in January, just short of its goal of cutting 812,000 bpd. OPEC fell just short of its production goal in January, as a fresh round of output cuts from the 14-nation producer group got under way. OPEC also slightly increased its forecast for supply from the United States and other non-OPEC nations.