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.
The slight miss comes as the group once again cut its outlook for global oil demand in 2019. OPEC also slightly increased its forecast for supply from the United States and other non-OPEC nations.
OPEC is partnering with 10 nonmember nations, including Russia, to keep 1.2 million bpd off the market. The so-called OPEC+ alliance aims to prevent another price-crushing oil glut like the one that gripped the market between 2014 and 2016.
