Survey estimates indicate that total OPEC output declined in January despite Libya increasing production following the restart of the Al Sharara oil field.
Angola and Saudi Arabia cut production, which mitigated the Libyan output increase.
This keeps total OPEC production within the cartel's 30m b/d target for the first half of 2014.
If OPEC is able to meet its target even though output is expected to increase in Iraq and Libya and possibly also in Iran, it would greatly reduce the risk of a global oil glut this year.
Furthermore, it would support prices amid significantly increasing production in North America.
Note though, that OPEC meeting its output target is likely to hinge on Saudi Arabia's willingness to reduce production.
To Read the Entire Report Please Click on the pdf File Below