OPEC production in January fell by 509 thousand barrels per day. A collapse in production was observed in Libya - by 344 thousand barrels per day to 796 thousand barrels per day (in the 4th quarter of 2019, the country produced 1.16 million).
In a monthly review published yesterday, OPEC lowered its estimate of production growth in the United States this year from 1.43 to 1.26 million barrels per day.
Estimation of production growth in countries outside OPEC is also reduced - from 2.35 to 2.25 million. The new reality has deprived the old OPEC cartel of its former power: threats to reduce production have ceased to frighten anyone. If something can greatly affect the oil market, these are serious changes on the demand side.