Global Markets: OPEC output falls by nearly 800,000 bpd in January

OPEC production declined by 797,000 bpd in January from a month earlier, averaging just 30.81 mb/d.

Saudi Arabia, the UAE and Kuwait chipped in most of the reductions.

Still, Russia only lowered output by 90,000 bpd, far short of the 230,000 bpd promised as part of the December deal.

Saudi Arabia said it would continue to cut output, with plans to lower production to as low as 9.8 mb/d in March, or roughly half a million barrels per day lower than it had promised. Oil prices jumped on the news.