Opec has started 2019 with production at just 31.05mn b/d for January, 1mn b/d down on January 2018, 810,000 b/d less than December and the lowest figure in nearly four years.

January was the first month under which the latest round of Opec+ production cuts agreed on in December were in force (MEES, 7 December 2018). Some 11 out of Opec’s 14 current members signed up to cut production.

Despite the slump in overall output, the 11 members that committed to cut actually produced, at...