OPEC oil output rises 100,000 bpd in January

The combined oil output from OPEC members rose by 100,000 barrels per day (bpd) to 32.4 million bpd in January, compared to December, boosted by increased production from Nigeria, Reuters reported.

Compliance with OPEC's output cut has increased, however, to 138 percent in January, compared to 137 percent a month earlier.

OPEC agreed to curb production by about 1.2 million bpd on January 1, 2017, in its first supply cut since 2008.

Nigeria and Libya, exempt from the curbs for 2017, told OPEC their combined output in 2018 would not exceed 2017 levels.