OPEC produced 30.81 mil b/d in Jan, 220,000 b/d above 2019 demand for its crude oil

From spglobal.com

OPEC has painted a bearish picture for 2019, with demand for its crude oil expected to fall due to weak demand growth and a sharp rise in output from producers outside the group. The group's 14 members pumped 30.81 million b/d in January, down from 31.60 million b/d in December, according to its Monthly Oil Market Report Tuesday. Oil prices have recovered since December, when they fell to a 15-month low, with ICE Brent trading above $62/b this week. At the last OPEC meeting in Vienna, the group's members agreed to slash output by 812,000 b/d, with Russia and nine other non-OPEC allies committing to a cut of 383,000 b/d for the first six ... (full story)