OPEC's production up, despite Venezuela's free fall

https://uk.reuters.com/article/uk-opec-oil/opec-january-oil-output-rises-despite-venezuelan-decline-survey-idUKKBN1FK2IC?rpc=401&

According to Reuter's survey, production increases in Saudi Arabia and Nigeria more than offset the failing production of Venezuela, resutling in an production increase for the month of January. OPEC January data out in a couple of weeks.

 

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Not great news for OPEC, but the market seems to be pretty happy with the figures, as evidenced by today's oil price increase despite EIA's report of a pretty big build in inventories in the US.

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